Geode Capital Management LLC Acquires 21,605 Shares of Southern Copper Corporation $SCCO

Geode Capital Management LLC lifted its holdings in Southern Copper Corporation (NYSE:SCCO) by 3.4% in the fourth quarter, Holdings Channel reports. The fund owned 664,051 shares of the basic materials company’s stock after purchasing an additional 21,605 shares during the quarter. Geode Capital Management LLC’s holdings in Southern Copper were worth $94,519,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Capital World Investors lifted its holdings in shares of Southern Copper by 36.1% in the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock valued at $781,268,000 after acquiring an additional 1,708,693 shares during the last quarter. State Street Corp lifted its holdings in shares of Southern Copper by 1.5% in the 3rd quarter. State Street Corp now owns 2,795,976 shares of the basic materials company’s stock valued at $339,320,000 after acquiring an additional 40,847 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after acquiring an additional 7,194 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Southern Copper by 12.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,091,632 shares of the basic materials company’s stock valued at $132,479,000 after acquiring an additional 123,532 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Southern Copper by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company’s stock valued at $141,149,000 after acquiring an additional 33,804 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Down 10.7%

NYSE:SCCO opened at $173.41 on Friday. Southern Copper Corporation has a twelve month low of $88.73 and a twelve month high of $223.88. The company has a market cap of $142.04 billion, a price-to-earnings ratio of 28.66, a price-to-earnings-growth ratio of 1.63 and a beta of 1.09. The stock has a fifty day simple moving average of $182.30 and a 200-day simple moving average of $173.32. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.04. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%.The business had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. Analysts anticipate that Southern Copper Corporation will post 7.25 EPS for the current year.

Southern Copper Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Wednesday, May 13th. Southern Copper’s dividend payout ratio is currently 66.12%.

Analysts Set New Price Targets

SCCO has been the subject of a number of analyst reports. Wells Fargo & Company set a $171.00 price target on shares of Southern Copper and gave the company an “equal weight” rating in a report on Friday, May 1st. Morgan Stanley increased their price objective on shares of Southern Copper from $155.00 to $160.00 and gave the stock an “underweight” rating in a research report on Thursday, April 9th. UBS Group increased their price objective on shares of Southern Copper from $140.00 to $145.00 and gave the stock a “sell” rating in a research report on Thursday, May 21st. Barclays started coverage on shares of Southern Copper in a research report on Thursday, May 21st. They issued an “underweight” rating and a $148.00 price objective on the stock. Finally, Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $145.14.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director directly owned 1,807 shares in the company, valued at $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 604 shares of company stock valued at $109,136. 0.07% of the stock is owned by corporate insiders.

Southern Copper Company Profile

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.