Pinnbrook Capital Management LP Acquires New Position in Southern Copper Corporation $SCCO

Pinnbrook Capital Management LP acquired a new stake in Southern Copper Corporation (NYSE:SCCO) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,882 shares of the basic materials company’s stock, valued at approximately $3,020,000.

A number of other institutional investors have also recently bought and sold shares of SCCO. Rakuten Investment Management Inc. bought a new position in shares of Southern Copper in the 3rd quarter worth $2,976,000. Legal & General Group Plc increased its holdings in Southern Copper by 4.3% in the second quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock valued at $95,273,000 after purchasing an additional 38,856 shares during the last quarter. Nordea Investment Management AB lifted its stake in Southern Copper by 5.7% in the third quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company’s stock valued at $17,778,000 after buying an additional 7,995 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Southern Copper by 2,631.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company’s stock valued at $1,631,000 after buying an additional 12,949 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in Southern Copper by 54.2% during the third quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company’s stock worth $4,326,000 after buying an additional 12,532 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Stock Down 5.3%

Southern Copper stock opened at $171.05 on Friday. The stock has a market capitalization of $138.92 billion, a PE ratio of 32.15, a price-to-earnings-growth ratio of 1.86 and a beta of 1.03. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $223.88. The company has a quick ratio of 3.40, a current ratio of 3.89 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $190.66 and a 200-day moving average of $148.84.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 10th were given a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $4.00 annualized dividend and a yield of 2.3%. This is an increase from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s payout ratio is presently 75.19%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Monday, December 29th. The Goldman Sachs Group reissued a “sell” rating and set a $127.91 price objective on shares of Southern Copper in a research note on Wednesday, January 14th. Scotiabank restated an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $116.51 target price (down from $118.49) on shares of Southern Copper in a research note on Friday, January 23rd. Finally, Citigroup reiterated a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper presently has a consensus rating of “Reduce” and a consensus target price of $139.99.

Insiders Place Their Bets

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the transaction, the director directly owned 605 shares of the company’s stock, valued at approximately $126,783.04. This represents a 93.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.07% of the company’s stock.

Southern Copper 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.