Varma Mutual Pension Insurance Co Trims Stock Holdings in Southern Copper Corporation $SCCO

Varma Mutual Pension Insurance Co trimmed its holdings in Southern Copper Corporation (NYSE:SCCO) by 7.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 68,438 shares of the basic materials company’s stock after selling 5,671 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Southern Copper were worth $9,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Hopwood Financial Services Inc. purchased a new stake in shares of Southern Copper in the third quarter worth approximately $25,000. United Community Bank purchased a new stake in shares of Southern Copper in the third quarter valued at approximately $30,000. Caitlin John LLC purchased a new stake in shares of Southern Copper in the third quarter valued at approximately $30,000. Bayforest Capital Ltd purchased a new stake in shares of Southern Copper in the fourth quarter valued at approximately $38,000. Finally, Covestor Ltd boosted its holdings in shares of Southern Copper by 30.4% in the third quarter. Covestor Ltd now owns 360 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 84 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Stock Up 2.9%

Southern Copper stock opened at $171.06 on Wednesday. Southern Copper Corporation has a twelve month low of $86.59 and a twelve month high of $223.88. The business has a fifty day moving average of $183.54 and a two-hundred day moving average of $165.19. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The firm has a market cap of $140.11 billion, a P/E ratio of 28.27, a P/E/G ratio of 1.68 and a beta of 1.07.

Southern Copper’s stock is going to split on Wednesday, May 13th. The 1.01-1 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Tuesday, May 12th.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 EPS for the quarter, beating 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 firm had revenue of $4.25 billion during the quarter, compared to analyst estimates of $3.96 billion. On average, analysts forecast that Southern Copper Corporation will post 6.77 earnings per share for the current fiscal year.

Southern Copper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, May 13th. Southern Copper’s dividend payout ratio is currently 66.12%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 193 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $174.60, for a total transaction of $33,697.80. Following the completion of the sale, the director owned 1,707 shares in the company, valued at approximately $298,042.20. This represents a 10.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SCCO shares. Citigroup reiterated a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Morgan Stanley boosted their price target on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a report on Thursday, April 9th. Wells Fargo & Company set a $171.00 target price on Southern Copper and gave the stock an “equal weight” rating in a report on Friday. Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, March 21st. Finally, The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a report on Friday, April 10th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper has a consensus rating of “Reduce” and an average target price of $144.25.

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.