Southern Copper Co. (NYSE:SCCO) Shares Sold by 1832 Asset Management L.P.

1832 Asset Management L.P. trimmed its stake in shares of Southern Copper Co. (NYSE:SCCO) by 17.0% during the first quarter, Holdings Channel reports. The firm owned 712,731 shares of the basic materials company’s stock after selling 145,684 shares during the period. 1832 Asset Management L.P.’s holdings in Southern Copper were worth $75,920,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital World Investors acquired a new stake in Southern Copper in the 1st quarter valued at approximately $340,373,000. Norges Bank acquired a new stake in Southern Copper in the 4th quarter valued at approximately $71,802,000. Mirae Asset Global Investments Co. Ltd. increased its position in Southern Copper by 54.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock valued at $164,190,000 after acquiring an additional 544,312 shares during the period. Lord Abbett & CO. LLC acquired a new stake in Southern Copper in the 1st quarter valued at approximately $27,163,000. Finally, CANADA LIFE ASSURANCE Co increased its position in Southern Copper by 182.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 278,119 shares of the basic materials company’s stock valued at $29,625,000 after acquiring an additional 179,590 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of Southern Copper stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $118.30, for a total value of $425,880.00. Following the transaction, the director now directly owns 2,214 shares in the company, valued at approximately $261,916.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of Southern Copper stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $118.30, for a total transaction of $425,880.00. Following the transaction, the director now owns 2,214 shares in the company, valued at $261,916.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bonilla Luis Miguel Palomino sold 300 shares of Southern Copper stock in a transaction on Monday, April 29th. The shares were sold at an average price of $118.50, for a total value of $35,550.00. Following the transaction, the director now owns 4,614 shares in the company, valued at approximately $546,759. The disclosure for this sale can be found here. Insiders have sold 4,000 shares of company stock worth $472,430 in the last three months. 0.08% of the stock is currently owned by insiders.

Southern Copper Price Performance

Shares of NYSE SCCO traded up $1.08 during mid-day trading on Friday, reaching $105.42. The company had a trading volume of 731,692 shares, compared to its average volume of 1,021,754. The company has a current ratio of 3.31, a quick ratio of 2.56 and a debt-to-equity ratio of 0.82. The stock has a market cap of $82.35 billion, a PE ratio of 35.04, a P/E/G ratio of 1.06 and a beta of 1.19. The company has a 50-day moving average price of $111.95 and a two-hundred day moving average price of $102.46. Southern Copper Co. has a 1-year low of $68.93 and a 1-year high of $129.79.

Southern Copper (NYSE:SCCO) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.17. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Southern Copper had a return on equity of 30.44% and a net margin of 24.20%. On average, equities analysts anticipate that Southern Copper Co. will post 4.34 earnings per share for the current year.

Southern Copper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Friday, August 9th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Friday, August 9th. Southern Copper’s payout ratio is 92.07%.

Analysts Set New Price Targets

Several research firms recently commented on SCCO. HSBC cut Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 target price on the stock. in a research report on Monday, April 22nd. Scotiabank decreased their price target on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a research note on Tuesday, May 21st. UBS Group initiated coverage on Southern Copper in a research note on Friday, July 12th. They set a “neutral” rating and a $120.00 price target for the company. CICC Research initiated coverage on Southern Copper in a research note on Wednesday, April 24th. They set an “outperform” rating for the company. Finally, Morgan Stanley increased their price target on Southern Copper from $81.70 to $100.00 and gave the company an “underweight” rating in a research note on Friday, June 21st. Five research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $89.57.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.