Korea Investment CORP Takes $6.55 Million Position in Southern Copper Corporation $SCCO

Korea Investment CORP bought a new stake in Southern Copper Corporation (NYSE:SCCO) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 37,588 shares of the basic materials company’s stock, valued at approximately $6,550,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SCCO. Intech Investment Management LLC raised its stake in shares of Southern Copper by 0.8% during the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock worth $865,000 after purchasing an additional 50 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Southern Copper by 0.8% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock valued at $871,000 after buying an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC increased its stake in Southern Copper by 1.8% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after buying an additional 52 shares during the period. Ensign Peak Advisors Inc increased its stake in Southern Copper by 0.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after buying an additional 53 shares during the period. Finally, Venture Visionary Partners LLC raised its position in Southern Copper by 0.8% during the 4th quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock worth $1,004,000 after buying an additional 53 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $214.14 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The business’s fifty day moving average price is $182.69 and its two-hundred day moving average price is $183.19. The stock has a market cap of $178.66 billion, a PE ratio of 31.31, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11. Southern Copper Corporation has a one year low of $92.94 and a one year high of $223.88.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.37 billion. The firm’s quarterly revenue was up 40.6% compared to the same quarter last year. On average, analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, August 11th. Southern Copper’s payout ratio is currently 64.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SCCO shares. UBS Group reissued a “sell” rating and set a $158.10 target price (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Scotiabank reaffirmed an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Barclays set a $164.03 price objective on Southern Copper and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. Citigroup restated a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. Finally, Morgan Stanley upped their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $146.84.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This represents a 10.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 509 shares of company stock valued at $97,753. Company insiders own 0.07% of the company’s stock.

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.