one8zero8 LLC Acquires New Shares in Southern Copper Corporation $SCCO

one8zero8 LLC acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 4,718 shares of the basic materials company’s stock, valued at approximately $822,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in Southern Copper in the second quarter valued at about $1,729,500,000. Bank of New York Mellon Corp bought a new stake in shares of Southern Copper during the second quarter worth about $696,621,000. Norges Bank bought a new stake in shares of Southern Copper during the fourth quarter worth about $97,645,000. Capital Research Global Investors acquired a new position in shares of Southern Copper in the fourth quarter valued at approximately $81,039,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Southern Copper in the 1st quarter valued at approximately $85,342,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of Southern Copper 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 transaction, the director owned 1,723 shares of the company’s stock, valued at $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 509 shares of company stock worth $97,753 in the last ninety days. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SCCO. JPMorgan Chase & Co. lifted their target price 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. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Zacks Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. Citigroup reissued a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Finally, UBS Group restated a “sell” rating and issued a $158.10 price objective (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Three equities 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. Based on data from MarketBeat, Southern Copper has an average rating of “Reduce” and a consensus target price of $146.84.

Southern Copper Price Performance

Southern Copper stock opened at $194.57 on Thursday. The stock’s 50 day moving average is $181.26 and its 200 day moving average is $182.88. Southern Copper Corporation has a one year low of $92.57 and a one year high of $223.88. The firm has a market cap of $162.33 billion, a P/E ratio of 28.45, a P/E/G ratio of 1.61 and a beta of 1.11. 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 (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating 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 business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. The business’s quarterly revenue was up 40.6% compared to the same quarter last year. As a group, research analysts expect that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. Southern Copper’s dividend payout ratio is currently 64.33%.

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.