Redwood Investment Management LLC Takes $1.18 Million Position in Southern Copper Corporation $SCCO

Redwood Investment Management LLC bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,754 shares of the basic materials company’s stock, valued at approximately $1,177,000.

A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Southern Copper during the second quarter valued at approximately $1,729,500,000. Bank of New York Mellon Corp purchased a new stake in shares of Southern Copper during the 2nd quarter valued at $696,621,000. State Street Corp grew its stake in Southern Copper by 2.4% during the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after buying an additional 66,268 shares during the last quarter. Fisher Asset Management LLC increased its position in Southern Copper by 0.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after buying an additional 7,194 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Southern Copper during the second quarter worth about $318,448,000. 7.94% of the stock is currently owned by institutional investors.

Southern Copper Stock Down 2.7%

NYSE:SCCO opened at $213.68 on Thursday. The stock’s fifty day moving average is $183.73 and its two-hundred day moving average is $183.58. Southern Copper Corporation has a 52 week low of $92.94 and a 52 week high of $223.88. The stock has a market capitalization of $178.28 billion, a price-to-earnings ratio of 31.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63.

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

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. 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 dividend payout ratio is presently 64.33%.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the company’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 completion of the sale, the director directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 509 shares of company stock valued at $97,753. 0.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays set a $164.03 price objective on shares of Southern Copper and gave the company an “underweight” rating in a report on Thursday, July 23rd. Scotiabank restated an “underperform” rating and set a $138.34 target price (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Finally, UBS Group reaffirmed 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. Three 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 stock. According to MarketBeat.com, Southern Copper has an average rating of “Reduce” and a consensus target price of $146.84.

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.