Andra AP fonden Reduces Holdings in Southern Copper Corporation $SCCO

Andra AP fonden lowered its position in Southern Copper Corporation (NYSE:SCCO) by 98.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,716 shares of the basic materials company’s stock after selling 147,944 shares during the quarter. Andra AP fonden’s holdings in Southern Copper were worth $275,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. Resona Asset Management Co. Ltd. increased its position in shares of Southern Copper by 10.2% during the second quarter. Resona Asset Management Co. Ltd. now owns 24,335 shares of the basic materials company’s stock worth $2,466,000 after acquiring an additional 2,261 shares during the last quarter. NewSquare Capital LLC grew its stake in Southern Copper by 70.4% during the 2nd quarter. NewSquare Capital LLC now owns 97,621 shares of the basic materials company’s stock valued at $9,788,000 after purchasing an additional 40,321 shares in the last quarter. Westside Investment Management Inc. acquired a new stake in Southern Copper during the 2nd quarter valued at approximately $32,000. Bank of Montreal Can increased its holdings in Southern Copper by 134.3% during the 2nd quarter. Bank of Montreal Can now owns 76,258 shares of the basic materials company’s stock worth $7,715,000 after purchasing an additional 43,713 shares during the last quarter. Finally, Regal Partners Ltd raised its position in shares of Southern Copper by 30.9% in the 2nd quarter. Regal Partners Ltd now owns 44,809 shares of the basic materials company’s stock valued at $4,533,000 after purchasing an additional 10,587 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Trading Down 0.5%

NYSE SCCO opened at $136.57 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a one year low of $74.84 and a one year high of $144.81. The company has a 50-day simple moving average of $121.53 and a 200-day simple moving average of $104.71. The firm has a market capitalization of $109.81 billion, a PE ratio of 28.63, a price-to-earnings-growth ratio of 1.29 and a beta of 1.08.

Southern Copper shares are set to split before the market opens on Wednesday, November 12th. The 1.0085-1 split was recently announced. The newly created shares will be payable to shareholders after the closing bell on Tuesday, November 11th.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Tuesday, October 28th. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.09. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%.The business had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.05 billion. On average, equities analysts forecast that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, November 12th. Southern Copper’s dividend payout ratio (DPR) is presently 75.47%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SCCO shares. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday. HSBC reiterated a “hold” rating and set a $118.00 price objective (up from $105.00) on shares of Southern Copper in a research note on Friday, October 17th. Morgan Stanley set a $132.00 target price on shares of Southern Copper and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group restated a “sell” rating and issued a $115.00 target price (up previously from $89.00) on shares of Southern Copper in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. lifted their price target on Southern Copper from $92.00 to $114.50 and gave the stock a “neutral” rating in a research note on Monday, October 27th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Southern Copper presently has a consensus rating of “Reduce” and an average target price of $117.94.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $139.35, for a total transaction of $27,870.00. Following the completion of the transaction, the director owned 1,713 shares of the company’s stock, valued at approximately $238,706.55. The trade was a 10.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 814 shares of company stock worth $97,512 over the last three months. Insiders own 0.07% of the company’s stock.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.