680,592 Shares in Southern Copper Corporation $SCCO Acquired by Norges Bank

Norges Bank purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 680,592 shares of the basic materials company’s stock, valued at approximately $97,645,000. Norges Bank owned approximately 0.08% of Southern Copper at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital World Investors boosted its holdings in shares of Southern Copper by 36.1% in the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock valued at $781,268,000 after purchasing an additional 1,708,693 shares in the last quarter. Man Group plc boosted its holdings in shares of Southern Copper by 65.4% in the 2nd quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock valued at $47,258,000 after purchasing an additional 184,641 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Southern Copper by 54.6% in the 3rd quarter. Schroder Investment Management Group now owns 505,284 shares of the basic materials company’s stock valued at $61,321,000 after purchasing an additional 178,350 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Southern Copper by 187.2% in the 3rd quarter. Bank of Montreal Can now owns 219,038 shares of the basic materials company’s stock valued at $26,582,000 after purchasing an additional 142,780 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Southern Copper by 81.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 286,282 shares of the basic materials company’s stock valued at $28,963,000 after purchasing an additional 128,512 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the transaction, the director directly owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders sold 604 shares of company stock valued at $109,136. 0.07% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SCCO has been the topic of a number of research analyst reports. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price on the stock in a report on Friday, April 10th. Morgan Stanley raised their target price on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a report on Thursday, April 9th. JPMorgan Chase & Co. raised their target price on Southern Copper from $117.50 to $127.00 and gave the company an “underweight” rating in a report on Friday, April 10th. Wells Fargo & Company set a $171.00 target price on Southern Copper and gave the company an “equal weight” rating in a report on Friday, May 1st. Finally, Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have issued a Sell rating to the company. According to data from MarketBeat, Southern Copper presently has an average rating of “Reduce” and a consensus price target of $145.14.

Southern Copper Stock Down 10.7%

Shares of SCCO opened at $173.41 on Friday. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The stock has a market capitalization of $142.04 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 1.83 and a beta of 1.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. The stock has a fifty day moving average of $182.30 and a 200-day moving average of $173.32.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.04. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%.The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $3.96 billion. As a group, sell-side analysts anticipate that Southern Copper Corporation will post 7.25 earnings per share for the current fiscal year.

Southern Copper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Wednesday, May 13th. Southern Copper’s dividend payout ratio is presently 66.12%.

Southern Copper 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.