TD Waterhouse Canada Inc. Lowers Stock Holdings in Southern Copper Corporation $SCCO

TD Waterhouse Canada Inc. reduced its position in shares of Southern Copper Corporation (NYSE:SCCO) by 72.3% in the second quarter, Holdings Channel reports. The firm owned 4,054 shares of the basic materials company’s stock after selling 10,603 shares during the period. TD Waterhouse Canada Inc.’s holdings in Southern Copper were worth $684,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SCCO. Intech Investment Management LLC raised its position in shares of Southern Copper by 0.8% during the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock valued at $865,000 after buying an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Southern Copper by 0.8% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock valued at $871,000 after purchasing an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC raised its position in Southern Copper by 1.8% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after purchasing an additional 52 shares in the last quarter. Emergent Wealth Advisors LLC lifted its stake in Southern Copper by 1.0% during the second quarter. Emergent Wealth Advisors LLC now owns 5,366 shares of the basic materials company’s stock worth $935,000 after purchasing an additional 53 shares during the last quarter. Finally, Ensign Peak Advisors Inc lifted its stake in Southern Copper by 0.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock worth $915,000 after purchasing an additional 53 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SCCO. Morgan Stanley increased 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. CICC Research lowered Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. UBS Group reiterated a “sell” rating and set a $158.10 price target (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. JPMorgan Chase & Co. lifted their price target on shares of Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a research note on Wednesday, June 17th. Finally, Scotiabank restated 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. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and a consensus price target of $146.84.

Southern Copper Trading Up 0.6%

Shares of SCCO stock opened at $209.76 on Thursday. The business has a 50-day moving average of $189.67 and a 200 day moving average of $184.30. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a 1-year low of $100.43 and a 1-year high of $223.88. The stock has a market capitalization of $175.01 billion, a PE ratio of 30.67, a P/E/G ratio of 1.92 and a beta of 1.14.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results 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 business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.37 billion. The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Southern Copper Corporation will post 7.59 earnings per share for the current year.

Southern Copper Increases Dividend

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

Insider Buying and Selling

In other Southern Copper news, Director Luis Palomino Bonilla sold 202 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director owned 1,723 shares of the company’s stock, valued at $339,066.65. This represents a 10.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 504 shares of company stock worth $97,077. Corporate insiders own 0.07% of the company’s stock.

About Southern Copper

Southern Copper Corporation (NYSE: SCCO) is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.