Southern Copper Corporation $SCCO Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 25.9% in the 3rd quarter, Holdings Channel reports. The firm owned 87,003 shares of the basic materials company’s stock after selling 30,454 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Southern Copper were worth $10,559,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Legal & General Group Plc raised its stake in shares of Southern Copper by 4.3% in the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock valued at $95,273,000 after purchasing an additional 38,856 shares in the last quarter. Nordea Investment Management AB grew its stake in Southern Copper by 6.5% in the second quarter. Nordea Investment Management AB now owns 140,489 shares of the basic materials company’s stock worth $14,326,000 after purchasing an additional 8,531 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in Southern Copper by 82.5% in the second quarter. SBI Securities Co. Ltd. now owns 5,085 shares of the basic materials company’s stock valued at $514,000 after buying an additional 2,298 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in Southern Copper during the second quarter valued at approximately $5,436,000. Finally, Capital Advisors Inc. OK lifted its holdings in Southern Copper by 1.3% during the 2nd quarter. Capital Advisors Inc. OK now owns 277,035 shares of the basic materials company’s stock worth $28,028,000 after buying an additional 3,449 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Down 0.7%

Shares of Southern Copper stock opened at $174.74 on Wednesday. The firm has a market capitalization of $141.92 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 1.49 and a beta of 1.06. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $177.39. The stock’s fifty day moving average is $142.04 and its 200-day moving average is $120.99. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64.

Southern Copper (NYSE:SCCO) last posted its earnings results on Friday, October 31st. The basic materials company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.26 by $0.09. Southern Copper had a net margin of 30.98% and a return on equity of 38.74%. The firm had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.05 billion. Equities analysts anticipate that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Wednesday, November 12th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, November 12th. Southern Copper’s dividend payout ratio (DPR) is presently 75.47%.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total value of $55,600.00. Following the completion of the sale, the director directly owned 1,265 shares in the company, valued at approximately $175,835. The trade was a 24.02% 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 948 shares of company stock valued at $131,130. 0.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on SCCO. UBS Group reissued a “neutral” rating and set a $143.00 price target (up from $135.00) on shares of Southern Copper in a research report on Friday, December 12th. Itau BBA Securities cut shares of Southern Copper from a “market perform” rating to an “underperform” rating and set a $126.00 target price on the stock. in a report on Monday, December 22nd. Zacks Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Wells Fargo & Company set a $182.00 price target on shares of Southern Copper and gave the company an “equal weight” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on Southern Copper from $114.50 to $119.50 and gave the stock a “neutral” rating in a research report on Thursday, December 18th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and an average price target of $129.05.

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.