680,592 Shares in Southern Copper Corporation $SCCO Bought by Norges Bank

Norges Bank bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 680,592 shares of the basic materials company’s stock, valued at approximately $97,645,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SCCO. Capital World Investors lifted its holdings in Southern Copper by 36.1% during the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock worth $781,268,000 after buying an additional 1,708,693 shares during the period. Man Group plc lifted its holdings in Southern Copper by 65.4% during the 2nd 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 during the period. Schroder Investment Management Group lifted its holdings in Southern Copper by 54.6% during the 3rd quarter. Schroder Investment Management Group now owns 505,284 shares of the basic materials company’s stock worth $61,321,000 after buying an additional 178,350 shares during the period. Bank of Montreal Can lifted its holdings in Southern Copper by 187.2% during the 3rd quarter. Bank of Montreal Can now owns 219,038 shares of the basic materials company’s stock worth $26,582,000 after buying an additional 142,780 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Southern Copper by 81.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 286,282 shares of the basic materials company’s stock worth $28,963,000 after buying an additional 128,512 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was 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. The trade was a 9.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 604 shares of company stock valued at $109,136. 0.07% of the stock is owned by insiders.

Southern Copper Stock Down 10.7%

Shares of NYSE:SCCO opened at $173.41 on Friday. The company has a market capitalization of $142.04 billion, a price-to-earnings ratio of 28.66, a P/E/G ratio of 1.83 and a beta of 1.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The business’s 50-day moving average is $182.30 and its 200-day moving average is $173.32. Southern Copper Corporation has a 1 year low of $88.73 and a 1 year high of $223.88.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.04. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%. Equities research analysts predict that Southern Copper Corporation will post 7.25 earnings per share for the current year.

Southern Copper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper’s payout ratio is currently 66.12%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SCCO. Wells Fargo & Company set a $171.00 target price on Southern Copper and gave the stock an “equal weight” rating in a report on Friday, May 1st. Barclays began coverage on Southern Copper in a report on Thursday, May 21st. They set an “underweight” rating and a $148.00 target price on the stock. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price on the stock in a report on Friday, April 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Southern Copper in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. lifted their target price on Southern Copper from $117.50 to $127.00 and gave the stock an “underweight” rating in a report on Friday, April 10th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $145.14.

About Southern Copper

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.