ICICI Prudential Asset Management Co Ltd Acquires New Shares in Southern Copper Corporation $SCCO

ICICI Prudential Asset Management Co Ltd bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 69,642 shares of the basic materials company’s stock, valued at approximately $8,452,000. Southern Copper makes up 0.9% of ICICI Prudential Asset Management Co Ltd’s investment portfolio, making the stock its 29th biggest holding.

A number of other hedge funds have also made changes to their positions in SCCO. Rakuten Investment Management Inc. purchased a new stake in shares of Southern Copper in the third quarter valued at about $2,976,000. Legal & General Group Plc raised its position in shares of Southern Copper by 4.3% during the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock worth $95,273,000 after purchasing an additional 38,856 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Southern Copper by 5.7% during the 3rd quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company’s stock worth $17,778,000 after purchasing an additional 7,995 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Southern Copper by 2,631.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company’s stock valued at $1,631,000 after buying an additional 12,949 shares in the last quarter. Finally, Alps Advisors Inc. grew its holdings in Southern Copper by 54.2% during the 3rd quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company’s stock valued at $4,326,000 after buying an additional 12,532 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SCCO. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $116.51 price target (down from $118.49) on shares of Southern Copper in a report on Friday, January 23rd. Zacks Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Scotiabank restated an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. Wall Street Zen downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Itau BBA Securities lowered shares of Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 price objective for the company. in a research report on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $136.49.

Southern Copper Price Performance

Southern Copper stock opened at $194.14 on Friday. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $218.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.91 and a current ratio of 4.52. The firm has a 50 day moving average price of $172.55 and a 200 day moving average price of $137.17. The company has a market cap of $157.68 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 1.59 and a beta of 1.07.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, February 10th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s payout ratio is currently 75.19%.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 403 shares of Southern Copper stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total value of $55,544.87. Following the transaction, the director owned 1,275 shares in the company, valued at approximately $175,731.28. This trade represents a 24.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the sale, the director directly owned 605 shares of the company’s stock, valued at approximately $126,783.04. This trade represents a 93.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.07% of the company’s stock.

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.