Westpac Banking Corp Boosts Stake in Southern Copper Corporation $SCCO

Westpac Banking Corp raised its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 943.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,899 shares of the basic materials company’s stock after buying an additional 11,663 shares during the quarter. Westpac Banking Corp’s holdings in Southern Copper were worth $1,565,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Southern Copper during the second quarter valued at $57,901,000. HRT Financial LP acquired a new stake in shares of Southern Copper during the 2nd quarter worth about $29,771,000. Man Group plc grew its holdings in shares of Southern Copper by 65.4% during the second quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock worth $47,258,000 after buying an additional 184,641 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Southern Copper by 10.8% in the second quarter. JPMorgan Chase & Co. now owns 1,719,883 shares of the basic materials company’s stock valued at $174,002,000 after buying an additional 168,005 shares during the last quarter. Finally, Ossiam lifted its stake in shares of Southern Copper by 236,557.7% during the second quarter. Ossiam now owns 168,027 shares of the basic materials company’s stock valued at $16,999,000 after buying an additional 167,956 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $127.91 target price on shares of Southern Copper in a research note on Wednesday, January 14th. Bank of America downgraded Southern Copper from a “neutral” rating to an “underperform” rating and increased their target price for the stock from $162.00 to $175.00 in a research report on Thursday. Citigroup restated a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Scotiabank reiterated an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. Finally, UBS Group reissued a “sell” rating and issued a $148.74 target price (up from $146.75) on shares of Southern Copper in a research report on Tuesday, February 3rd. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $139.99.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 403 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total transaction of $55,544.87. Following the completion of the sale, the director directly owned 1,275 shares in the company, valued at $175,731.28. The trade was a 24.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the completion of the transaction, the director directly owned 605 shares in the company, valued at approximately $126,783.04. This represents a 93.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE:SCCO opened at $215.74 on Friday. The business has a 50-day moving average of $179.49 and a two-hundred day moving average of $141.16. The firm has a market capitalization of $175.22 billion, a PE ratio of 40.55, a P/E/G ratio of 1.77 and a beta of 1.07. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $220.76.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 10th will be issued a $1.00 dividend. The ex-dividend date is Tuesday, February 10th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 1.9%. Southern Copper’s payout ratio is 75.19%.

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.