Bank of New York Mellon Corp Acquires New Position in Southern Copper Corporation $SCCO

Bank of New York Mellon Corp bought a new position in Southern Copper Corporation (NYSE:SCCO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 323,775 shares of the basic materials company’s stock, valued at approximately $56,421,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its stake in shares of Southern Copper by 2.4% during the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after acquiring an additional 66,268 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock worth $363,873,000 after purchasing an additional 7,194 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Southern Copper by 8.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock worth $169,480,000 after purchasing an additional 90,237 shares during the last quarter. Vanguard Group Inc. boosted its position in Southern Copper by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company’s stock valued at $141,149,000 after buying an additional 33,804 shares during the period. Finally, Legal & General Group Plc boosted its position in Southern Copper by 1.5% during the third quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company’s stock valued at $116,012,000 after buying an additional 14,212 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 509 shares of company stock worth $97,753. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SCCO. Scotiabank reiterated an “underperform” rating and issued a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Citigroup restated a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Morgan Stanley boosted their price objective on Southern Copper from $144.27 to $156.13 and gave the company an “underweight” rating in a research report on Wednesday, July 8th. Finally, UBS Group reissued a “sell” rating and set a $158.10 price objective (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $146.84.

Southern Copper Trading Down 2.7%

SCCO opened at $213.68 on Thursday. Southern Copper Corporation has a 52 week low of $92.94 and a 52 week high of $223.88. The stock has a market cap of $178.28 billion, a PE ratio of 31.24, a PEG ratio of 1.88 and a beta of 1.11. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average of $183.73 and a 200-day moving average of $183.58.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper’s quarterly revenue was up 40.6% compared to the same quarter last year. Equities research analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.1%. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s dividend payout ratio is presently 64.33%.

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.