PCM Encore LLC Invests $1.63 Million in Southern Copper Corporation $SCCO

PCM Encore LLC bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 9,342 shares of the basic materials company’s stock, valued at approximately $1,628,000.

Several other hedge funds and other institutional investors have also modified their holdings of SCCO. BlackRock Inc. acquired a new stake in Southern Copper in the 2nd quarter valued at $1,729,500,000. Bank of New York Mellon Corp acquired a new position in Southern Copper during the second quarter worth $696,621,000. Norges Bank bought a new position in shares of Southern Copper during the fourth quarter valued at $97,645,000. Capital Research Global Investors bought a new position in shares of Southern Copper during the fourth quarter valued at $81,039,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Southern Copper during the first quarter valued at $85,342,000. Institutional investors own 7.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SCCO shares. CICC Research lowered shares of Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an “underweight” rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price target on shares of Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research report on Wednesday, June 17th. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Wells Fargo & Company raised their price objective on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $146.84.

Southern Copper Stock Performance

SCCO stock opened at $199.45 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The company has a 50 day moving average price of $181.66 and a 200 day moving average price of $182.97. Southern Copper Corporation has a fifty-two week low of $92.57 and a fifty-two week high of $223.88. The stock has a market capitalization of $166.41 billion, a PE ratio of 29.16, a price-to-earnings-growth ratio of 1.67 and a beta of 1.11.

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

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s payout ratio is currently 64.33%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the transaction, the director owned 1,723 shares in the company, valued at $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 509 shares of company stock worth $97,753 over the last quarter. Corporate 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.