CoreCap Advisors LLC Takes $2.24 Million Position in Southern Copper Co. (NYSE:SCCO)

CoreCap Advisors LLC acquired a new position in shares of Southern Copper Co. (NYSE:SCCO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 20,751 shares of the basic materials company’s stock, valued at approximately $2,236,000.

Other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors acquired a new position in Southern Copper in the 1st quarter valued at approximately $340,373,000. Price T Rowe Associates Inc. MD increased its holdings in Southern Copper by 18.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company’s stock valued at $827,804,000 after buying an additional 1,192,111 shares during the period. Norges Bank acquired a new stake in shares of Southern Copper during the 4th quarter valued at about $71,802,000. Mirae Asset Global Investments Co. Ltd. raised its position in Southern Copper by 54.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock worth $164,190,000 after purchasing an additional 544,312 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Southern Copper by 1,300.4% during the second quarter. Los Angeles Capital Management LLC now owns 443,285 shares of the basic materials company’s stock worth $47,760,000 after purchasing an additional 411,630 shares during the period. 7.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Morgan Stanley boosted 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. UBS Group assumed coverage on Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 target price on the stock. Finally, Scotiabank cut their price objective on shares of Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a research report on Tuesday, May 21st. Five equities 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. According to data from MarketBeat, Southern Copper presently has a consensus rating of “Hold” and an average target price of $89.57.

Southern Copper Trading Up 1.6 %

NYSE SCCO opened at $97.96 on Friday. Southern Copper Co. has a 52 week low of $68.93 and a 52 week high of $129.79. The business has a 50 day moving average price of $103.67 and a 200-day moving average price of $106.75. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 0.67. The company has a market cap of $76.52 billion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 0.99 and a beta of 1.17.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.09. The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. As a group, equities analysts expect that Southern Copper Co. will post 4.33 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Friday, August 9th. Southern Copper’s dividend payout ratio is 79.77%.

Southern Copper 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.