Blue Sky Asset Management LLC acquired a new stake in Southern Copper Corporation (NYSE:SCCO) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 32,250 shares of the basic materials company’s stock, valued at approximately $1,117,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Southern Copper Corporation by 3,278.5% in the first quarter. BlackRock Inc. now owns 7,789,950 shares of the basic materials company’s stock valued at $279,583,000 after buying an additional 7,559,379 shares in the last quarter. Capital Growth Management LP acquired a new stake in shares of Southern Copper Corporation during the first quarter valued at approximately $45,580,000. Prudential Financial Inc. raised its stake in shares of Southern Copper Corporation by 4,012.9% in the first quarter. Prudential Financial Inc. now owns 529,289 shares of the basic materials company’s stock valued at $18,997,000 after buying an additional 516,420 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of Southern Copper Corporation by 310.9% in the fourth quarter. Teachers Advisors LLC now owns 533,389 shares of the basic materials company’s stock valued at $17,036,000 after buying an additional 403,571 shares during the last quarter. Finally, Manning & Napier Advisors LLC raised its stake in shares of Southern Copper Corporation by 10.5% in the second quarter. Manning & Napier Advisors LLC now owns 1,776,807 shares of the basic materials company’s stock valued at $61,529,000 after buying an additional 168,577 shares during the last quarter. Hedge funds and other institutional investors own 6.34% of the company’s stock.
Southern Copper Corporation (NYSE:SCCO) traded up 0.26% during midday trading on Friday, reaching $39.12. The company’s stock had a trading volume of 704,030 shares. The firm has a market cap of $30.24 billion, a price-to-earnings ratio of 30.75 and a beta of 0.55. The company has a 50 day moving average price of $37.95 and a 200 day moving average price of $36.34. Southern Copper Corporation has a 1-year low of $24.90 and a 1-year high of $40.23.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be given a $0.14 dividend. This is a positive change from Southern Copper Corporation’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Monday, August 7th. Southern Copper Corporation’s dividend payout ratio (DPR) is 43.75%.
SCCO has been the topic of several research analyst reports. Barclays PLC raised their price objective on Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a report on Wednesday, August 9th. FBR & Co dropped their price objective on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, June 16th. HSBC Holdings plc lowered Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 price target on the stock. in a research note on Wednesday. BidaskClub raised Southern Copper Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $39.00 price target on shares of Southern Copper Corporation in a research note on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Southern Copper Corporation presently has an average rating of “Hold” and a consensus target price of $34.97.
In related news, Chairman German Larrea Mota Velasco sold 135,000 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $39.44, for a total value of $5,324,400.00. Following the transaction, the chairman now directly owns 3,737,967 shares of the company’s stock, valued at approximately $147,425,418.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 900,670 shares of company stock worth $35,575,771 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.
Southern Copper Corporation Company Profile
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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