E. Ohman J or Asset Management AB Purchases New Shares in Southern Copper Corporation $SCCO

E. Ohman J or Asset Management AB purchased a new position in Southern Copper Corporation (NYSE:SCCO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,000 shares of the basic materials company’s stock, valued at approximately $728,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Southern Copper during the second quarter worth about $57,901,000. Jacobs Levy Equity Management Inc. purchased a new stake in Southern Copper during the 1st quarter worth approximately $40,338,000. HRT Financial LP purchased a new stake in Southern Copper during the 2nd quarter worth approximately $29,771,000. Man Group plc raised its holdings in shares of Southern Copper by 65.4% during the second quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock valued at $47,258,000 after acquiring an additional 184,641 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Southern Copper by 10.8% in the second quarter. JPMorgan Chase & Co. now owns 1,719,883 shares of the basic materials company’s stock valued at $174,002,000 after acquiring an additional 168,005 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SCCO. Jefferies Financial Group set a $155.00 price target on Southern Copper and gave the stock a “buy” rating in a research report on Monday, October 6th. Itau BBA Securities cut shares of Southern Copper from a “market perform” rating to an “underperform” rating and set a $126.00 target price for the company. in a research report on Monday, December 22nd. Zacks Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Wells Fargo & Company set a $144.00 price objective on shares of Southern Copper and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup reissued a “sell” rating and issued a $108.00 target price (up from $89.10) on shares of Southern Copper in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, Southern Copper has a consensus rating of “Reduce” and an average target price of $123.85.

Insider Buying and Selling

In other news, Director Bonilla Luis Miguel Palomino sold 400 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total value of $55,600.00. Following the transaction, the director owned 1,265 shares of the company’s stock, valued at $175,835. This represents a 24.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 948 shares of company stock valued at $131,130 in the last quarter. 0.07% of the stock is owned by insiders.

Southern Copper Price Performance

Shares of SCCO stock opened at $149.49 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91. The company has a market capitalization of $121.42 billion, a PE ratio of 31.34, a price-to-earnings-growth ratio of 1.38 and a beta of 1.07. The firm’s 50-day moving average is $136.61 and its two-hundred day moving average is $115.79. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $152.19.

Southern Copper (NYSE:SCCO) last posted its quarterly 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 net margin of 30.98% and a return on equity of 38.74%. Analysts predict that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th were given a $0.90 dividend. The ex-dividend date was Wednesday, November 12th. This represents a $3.60 dividend on an annualized basis and a yield of 2.4%. Southern Copper’s payout ratio is currently 75.47%.

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.