Southern Copper Corporation $SCCO Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its position in shares of Southern Copper Corporation (NYSE:SCCO) by 25.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,242 shares of the basic materials company’s stock after buying an additional 3,929 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Southern Copper were worth $3,311,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Savvy Advisors Inc. acquired a new stake in Southern Copper during the 4th quarter worth about $1,434,000. Oak Harvest Investment Services acquired a new position in shares of Southern Copper in the 4th quarter valued at about $7,650,000. California Public Employees Retirement System lifted its position in shares of Southern Copper by 21.2% in the first quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock worth $33,126,000 after purchasing an additional 33,638 shares in the last quarter. US Bancorp DE lifted its position in shares of Southern Copper by 16.2% in the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after purchasing an additional 10,360 shares in the last quarter. Finally, Affinity Wealth Management LLC acquired a new stake in shares of Southern Copper during the fourth quarter worth approximately $3,379,000. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Trading Down 0.0%

Shares of NYSE:SCCO opened at $179.25 on Wednesday. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $148.08 billion, a PE ratio of 26.21, a P/E/G ratio of 1.54 and a beta of 1.11. Southern Copper Corporation has a 1 year low of $88.73 and a 1 year high of $223.88. The firm has a fifty day moving average price of $181.11 and a 200 day moving average price of $183.90.

Shares of Southern Copper are going to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Monday, August 10th.

Southern Copper (NYSE:SCCO) last posted its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.06. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The company had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper’s revenue for the quarter was up 40.6% on a year-over-year basis. Analysts expect that Southern Copper Corporation will post 7.63 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is 58.48%.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares in the company, valued at approximately $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 504 shares of company stock valued at $92,008. 0.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on SCCO shares. The Goldman Sachs Group raised shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a research report on Friday, April 10th. Wells Fargo & Company increased their target price on shares of Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. CICC Research cut shares of Southern Copper to a “market perform” rating in a report on Sunday. Finally, Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat, Southern Copper presently has a consensus rating of “Reduce” and an average target price of $148.60.

About Southern Copper

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.