Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Southern Copper Corporation $SCCO

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Southern Copper Corporation (NYSE:SCCO) during the first quarter, Holdings Channel.com reports. The firm purchased 496,000 shares of the basic materials company’s stock, valued at approximately $85,342,000.

Several other hedge funds have also recently bought and sold shares of SCCO. Savvy Advisors Inc. purchased a new stake in shares of Southern Copper during the 4th quarter worth about $1,434,000. Oak Harvest Investment Services bought a new stake in shares of Southern Copper in the 4th quarter valued at approximately $7,650,000. US Bancorp DE grew its stake in shares of Southern Copper by 16.2% in the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after buying an additional 10,360 shares in the last quarter. Affinity Wealth Management LLC acquired a new position in Southern Copper in the fourth quarter worth approximately $3,379,000. Finally, Ashoka WhiteOak Capital Pte Ltd bought a new position in Southern Copper during the fourth quarter valued at approximately $5,460,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

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 shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 404 shares of company stock worth $74,108. Insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on SCCO shares. Scotiabank reissued an “underperform” rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Zacks Research upgraded shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. Wells Fargo & Company upped their price objective on shares of Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, Citigroup reissued a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat.com, Southern Copper currently has a consensus rating of “Reduce” and a consensus price target of $148.60.

Southern Copper Stock Down 1.4%

SCCO opened at $179.69 on Friday. Southern Copper Corporation has a 1-year low of $88.73 and a 1-year high of $223.88. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $148.44 billion, a price-to-earnings ratio of 26.27, a P/E/G ratio of 1.53 and a beta of 1.11. The business has a 50 day moving average of $180.76 and a 200-day moving average of $183.39.

Shares of Southern Copper are set to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 50.74%. The company’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Southern Copper Corporation will post 7.63 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a $1.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.4%. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is 58.48%.

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.