Edgestream Partners L.P. Takes $5.44 Million Position in Southern Copper Corporation $SCCO

Edgestream Partners L.P. acquired a new stake in shares of Southern Copper Corporation (NYSE:SCCO) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 53,732 shares of the basic materials company’s stock, valued at approximately $5,436,000.

Other large investors have also recently bought and sold shares of the company. Legal & General Group Plc grew its stake in Southern Copper by 4.3% during the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock worth $95,273,000 after buying an additional 38,856 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Southern Copper by 6.5% during the second quarter. Nordea Investment Management AB now owns 140,489 shares of the basic materials company’s stock valued at $14,326,000 after acquiring an additional 8,531 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Southern Copper by 82.5% during the second quarter. SBI Securities Co. Ltd. now owns 5,085 shares of the basic materials company’s stock worth $514,000 after acquiring an additional 2,298 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Southern Copper by 9.2% in the 1st quarter. LPL Financial LLC now owns 148,380 shares of the basic materials company’s stock worth $13,868,000 after acquiring an additional 12,531 shares during the period. Finally, Capital Advisors Inc. OK lifted its position in Southern Copper by 1.3% in the 2nd quarter. Capital Advisors Inc. OK now owns 277,035 shares of the basic materials company’s stock valued at $28,028,000 after purchasing an additional 3,449 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on SCCO shares. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Monday. HSBC reissued a “hold” rating and issued a $118.00 price objective (up from $105.00) on shares of Southern Copper in a report on Friday, October 17th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $115.00 target price (up previously from $89.00) on shares of Southern Copper in a research note on Wednesday, October 29th. Wells Fargo & Company increased their price target on Southern Copper from $121.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. Finally, UBS Group reissued a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $117.94.

Southern Copper Stock Up 0.1%

Shares of SCCO stock opened at $134.95 on Wednesday. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $144.81. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The business’s fifty day moving average is $130.43 and its 200-day moving average is $109.53. The stock has a market cap of $109.60 billion, a PE ratio of 28.29, a price-to-earnings-growth ratio of 1.29 and a beta of 1.08.

Southern Copper (NYSE:SCCO) last announced its earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.09. The business had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%. Equities analysts expect that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Wednesday, November 12th were paid a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, November 12th. This represents a $3.60 annualized dividend and a dividend yield of 2.7%. Southern Copper’s payout ratio is currently 75.47%.

Insider Activity at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $139.35, for a total value of $27,870.00. Following the transaction, the director owned 1,713 shares in the company, valued at approximately $238,706.55. The trade was a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 748 shares of company stock valued at $96,618. 0.07% of the stock is owned by insiders.

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.