Cibc World Market Inc. Purchases New Holdings in Southern Copper Corporation $SCCO

Cibc World Market Inc. acquired a new stake in shares of Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,534 shares of the basic materials company’s stock, valued at approximately $2,184,000.

A number of other hedge funds also recently added to or reduced their stakes in SCCO. Fund Advisors of America Inc FL purchased a new stake in Southern Copper during the second quarter worth $870,000. California Public Employees Retirement System grew its holdings in 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 valued at $33,126,000 after purchasing an additional 33,638 shares during the last quarter. B. Metzler seel. Sohn & Co. AG purchased a new position in shares of Southern Copper in the second quarter valued at $5,266,000. RFG Advisory LLC purchased a new position in shares of Southern Copper in the fourth quarter valued at $1,147,000. Finally, US Bancorp DE raised its stake in shares of Southern Copper by 16.2% during the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after buying an additional 10,360 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the transaction, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 509 shares of company stock worth $97,753. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Down 2.7%

Shares of SCCO opened at $213.68 on Thursday. Southern Copper Corporation has a fifty-two week low of $92.94 and a fifty-two week high of $223.88. The company’s fifty day moving average is $183.73 and its two-hundred day moving average is $183.58. The firm has a market cap of $178.28 billion, a PE ratio of 31.24, a price-to-earnings-growth 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.

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

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is 64.33%.

Analyst Ratings Changes

SCCO has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a research report on Wednesday, June 17th. Morgan Stanley raised their price objective on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Finally, UBS Group reiterated a “sell” rating and set a $158.10 target price (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $146.84.

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.