Rhumbline Advisers Reduces Stock Position in Southern Copper Corporation $SCCO

Rhumbline Advisers trimmed its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 11.3% in the second quarter, Holdings Channel reports. The institutional investor owned 160,508 shares of the basic materials company’s stock after selling 20,428 shares during the period. Rhumbline Advisers’ holdings in Southern Copper were worth $16,239,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. American Financial Advisors LLC raised its position in shares of Southern Copper by 1.1% during the 2nd quarter. American Financial Advisors LLC now owns 10,422 shares of the basic materials company’s stock worth $1,054,000 after acquiring an additional 112 shares in the last quarter. Mutual Advisors LLC increased its stake in Southern Copper by 1.7% in the second quarter. Mutual Advisors LLC now owns 6,577 shares of the basic materials company’s stock valued at $646,000 after purchasing an additional 113 shares during the last quarter. PDS Planning Inc raised its holdings in Southern Copper by 3.7% during the second quarter. PDS Planning Inc now owns 3,330 shares of the basic materials company’s stock worth $337,000 after purchasing an additional 119 shares in the last quarter. Drive Wealth Management LLC lifted its position in shares of Southern Copper by 5.1% during the 2nd quarter. Drive Wealth Management LLC now owns 2,504 shares of the basic materials company’s stock worth $253,000 after buying an additional 121 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in shares of Southern Copper by 1.0% in the 2nd quarter. IFM Investors Pty Ltd now owns 12,725 shares of the basic materials company’s stock valued at $1,287,000 after buying an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Southern Copper from $121.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. HSBC reiterated a “hold” rating and set a $118.00 target price (up previously from $105.00) on shares of Southern Copper in a research report on Friday, October 17th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Friday, November 7th. Citigroup restated a “sell” rating and set a $108.00 price target (up previously from $89.10) on shares of Southern Copper in a research note on Wednesday, October 8th. Finally, UBS Group reiterated a “buy” rating on shares of Southern Copper in a research note on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $117.94.

Insider Buying and Selling

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $139.35, for a total value of $27,870.00. Following the completion of the sale, the director owned 1,713 shares in the company, valued at approximately $238,706.55. This trade represents a 10.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 962 shares of company stock worth $118,232. 0.07% of the stock is currently owned by corporate insiders.

Southern Copper Stock Performance

NYSE SCCO opened at $134.35 on Friday. The firm has a market cap of $109.12 billion, a P/E ratio of 28.17, a P/E/G ratio of 1.29 and a beta of 1.08. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $144.81. The business’s 50-day moving average price is $129.47 and its 200 day moving average price is $108.70. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.09. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%.The company had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.05 billion. On average, equities research analysts expect that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, November 12th. Southern Copper’s payout ratio is currently 75.47%.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.