Southern Copper Corporation $SCCO Stock: Sumitomo Mitsui Trust Group Inc. Cuts Stake

Sumitomo Mitsui Trust Group Inc. cut its holdings in Southern Copper Corporation (NYSE:SCCO) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 214,010 shares of the basic materials company’s stock after selling 4,728 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Southern Copper were worth $43,367,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Southern Copper during the second quarter worth $1,729,500,000. Bank of America Corp DE acquired a new position in shares of Southern Copper during the 2nd quarter valued at about $318,448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Southern Copper by 2.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company’s stock valued at $224,908,000 after acquiring an additional 27,744 shares during the last quarter. Bollard Group LLC grew its holdings in shares of Southern Copper by 14.0% during the 1st quarter. Bollard Group LLC now owns 861,950 shares of the basic materials company’s stock worth $148,307,000 after purchasing an additional 105,763 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Southern Copper during the 2nd quarter worth approximately $149,739,000. Institutional investors own 7.94% of the company’s stock.

Southern Copper Trading Up 2.0%

NYSE SCCO opened at $177.04 on Thursday. The company has a market cap of $147.71 billion, a price-to-earnings ratio of 22.71, a price-to-earnings-growth ratio of 1.60 and a beta of 1.15. The company has a quick ratio of 4.56, a current ratio of 4.31 and a debt-to-equity ratio of 0.59. Southern Copper Corporation has a twelve month low of $119.25 and a twelve month high of $223.88. The business’s fifty day moving average is $196.50 and its 200 day moving average is $185.56.

Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, October 21st. The basic materials company reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.12. Southern Copper had a return on equity of 51.61% and a net margin of 37.16%. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.49 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. As a group, sell-side analysts expect that Southern Copper Corporation will post 8.03 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, November 3rd. This is a positive change from Southern Copper’s previous quarterly dividend of $1.10. Southern Copper’s dividend payout ratio is 68.06%.

Analyst Upgrades and Downgrades

SCCO has been the subject of a number of recent analyst reports. UBS Group reaffirmed a “sell” rating and set a $178.11 price target (up from $158.32) on shares of Southern Copper in a report on Thursday, October 8th. CICC Research downgraded shares of Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Zacks Research cut shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Wells Fargo & Company set a $190.98 price target on shares of Southern Copper and gave the stock an “equal weight” rating in a report on Friday, October 23rd. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $168.22 target price on shares of Southern Copper in a research report on Wednesday, October 7th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $159.26.

Southern Copper Company Profile

Southern Copper Corporation (NYSE:SCCO) is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.

Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.