Norden Group LLC Increases Position in Southern Copper Corporation $SCCO

Norden Group LLC lifted its holdings in Southern Copper Corporation (NYSE:SCCO) by 49.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 7,510 shares of the basic materials company’s stock after acquiring an additional 2,470 shares during the quarter. Norden Group LLC’s holdings in Southern Copper were worth $760,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Southern Copper in the 4th quarter worth approximately $1,691,000. California State Teachers Retirement System boosted its stake in shares of Southern Copper by 97.9% in the 4th quarter. California State Teachers Retirement System now owns 188,512 shares of the basic materials company’s stock worth $17,179,000 after buying an additional 93,261 shares during the last quarter. Confluence Investment Management LLC boosted its stake in shares of Southern Copper by 3.2% in the 1st quarter. Confluence Investment Management LLC now owns 5,961 shares of the basic materials company’s stock worth $557,000 after buying an additional 183 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Southern Copper by 12,538.1% in the 1st quarter. GAMMA Investing LLC now owns 84,675 shares of the basic materials company’s stock worth $7,914,000 after buying an additional 84,005 shares during the last quarter. Finally, GoalVest Advisory LLC boosted its stake in shares of Southern Copper by 8.5% in the 1st quarter. GoalVest Advisory LLC now owns 18,045 shares of the basic materials company’s stock worth $1,686,000 after buying an additional 1,417 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SCCO shares. Morgan Stanley reaffirmed an “underweight” rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. The Goldman Sachs Group set a $89.00 price target on shares of Southern Copper and gave the stock a “sell” rating in a report on Wednesday, September 17th. UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. Itau BBA Securities raised shares of Southern Copper from an “underperform” rating to a “market perform” rating in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $93.67.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares of the company’s stock, valued at approximately $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 1,228 shares of company stock valued at $123,102 over the last quarter. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Trading Down 1.3%

Shares of SCCO stock opened at $117.93 on Friday. The company’s fifty day simple moving average is $100.10 and its two-hundred day simple moving average is $95.79. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $121.49. The stock has a market capitalization of $94.82 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.76 and a beta of 0.99.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were issued a $1.01 dividend. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a dividend yield of 3.4%. Southern Copper’s payout ratio is currently 70.02%.

Southern Copper Company Profile

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.