Redwood Investment Management LLC Purchases New Shares in Southern Copper Corporation $SCCO

Redwood Investment Management LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the second quarter, HoldingsChannel.com reports. The firm purchased 6,754 shares of the basic materials company’s stock, valued at approximately $1,177,000.

A number of other institutional investors also recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Southern Copper in the second quarter valued at about $1,729,500,000. Bank of New York Mellon Corp purchased a new position in shares of Southern Copper during the second quarter worth about $696,621,000. State Street Corp grew its holdings in shares of Southern Copper by 2.4% during the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after buying an additional 66,268 shares during the last quarter. Fisher Asset Management LLC increased its position in Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after acquiring an additional 7,194 shares during the period. Finally, Bank of America Corp DE acquired a new position in Southern Copper in the 2nd quarter valued at about $318,448,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SCCO. Wall Street Zen cut Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. CICC Research downgraded shares of Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Wells Fargo & Company increased their price target on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, UBS Group reaffirmed a “sell” rating and issued a $158.10 price objective (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $146.84.

Southern Copper Stock Down 2.7%

Shares of NYSE SCCO opened at $213.68 on Thursday. Southern Copper Corporation has a 1 year low of $92.94 and a 1 year high of $223.88. The firm’s 50 day moving average price is $183.73 and its 200 day moving average price is $183.58. The firm has a market cap of $178.28 billion, a P/E ratio of 31.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper’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 7.61 earnings per share for the current year.

Southern Copper Increases Dividend

The firm 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 $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is 64.33%.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the sale, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 509 shares of company stock valued at $97,753. 0.07% of the stock is owned by insiders.

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.