Southern Copper Corporation $SCCO Shares Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio raised its holdings in Southern Copper Corporation (NYSE:SCCO) by 305.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 157,247 shares of the basic materials company’s stock after purchasing an additional 118,433 shares during the period. Public Employees Retirement System of Ohio’s holdings in Southern Copper were worth $27,056,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SCCO. Royal Bank of Canada grew its stake in Southern Copper by 42.1% in the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after acquiring an additional 13,293 shares during the period. Empowered Funds LLC raised its position in Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after acquiring an additional 1,020 shares during the period. Focus Partners Wealth lifted its holdings in Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares in the last quarter. First Trust Advisors LP lifted its holdings in Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after purchasing an additional 19,957 shares in the last quarter. Finally, Baird Financial Group Inc. grew its position in shares of Southern Copper by 17.7% in the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock valued at $492,000 after purchasing an additional 731 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. This trade represents a 9.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 404 shares of company stock valued at $74,108. Company insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Southern Copper stock opened at $179.69 on Friday. The company has a fifty day simple moving average of $180.76 and a 200-day simple moving average of $183.39. The firm has a market capitalization of $148.44 billion, a price-to-earnings ratio of 26.27, a PEG ratio of 1.56 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88.

Southern Copper shares are scheduled to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be distributed to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.06. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 50.74%. Southern Copper’s quarterly revenue was up 40.6% on a year-over-year basis. On average, equities analysts anticipate that Southern Copper Corporation will post 7.68 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is currently 64.33%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SCCO shares. Scotiabank restated an “underperform” rating and set a $140.00 price target (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Barclays set a $166.00 price objective on Southern Copper and gave the stock an “underweight” rating in a report on Thursday. Citigroup reiterated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a report on Friday, April 10th. Finally, Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $148.60.

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.