ABC Arbitrage SA Purchases New Holdings in Southern Copper Corporation $SCCO

ABC Arbitrage SA bought a new stake in Southern Copper Corporation (NYSE:SCCO) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,160 shares of the basic materials company’s stock, valued at approximately $869,000.

Other hedge funds have also recently bought and sold shares of the company. MJT & Associates Financial Advisory Group Inc. boosted its stake in Southern Copper by 65.1% in the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 84 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Southern Copper by 30.4% in the third quarter. Covestor Ltd now owns 360 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 84 shares in the last quarter. Avanza Fonder AB boosted its position in Southern Copper by 1.0% during the 3rd quarter. Avanza Fonder AB now owns 8,663 shares of the basic materials company’s stock worth $1,051,000 after acquiring an additional 86 shares during the last quarter. Redwood Wealth Management Group LLC boosted its holdings in Southern Copper by 1.5% during the third quarter. Redwood Wealth Management Group LLC now owns 5,999 shares of the basic materials company’s stock worth $728,000 after purchasing an additional 89 shares during the last quarter. Finally, Convergence Investment Partners LLC boosted its stake in shares of Southern Copper by 0.7% during the 3rd quarter. Convergence Investment Partners LLC now owns 13,743 shares of the basic materials company’s stock worth $1,668,000 after buying an additional 98 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Price Performance

SCCO stock opened at $206.86 on Thursday. The company has a market capitalization of $168.01 billion, a P/E ratio of 38.88, a PEG ratio of 1.63 and a beta of 1.07. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $218.81. The company has a fifty day moving average price of $166.10 and a 200-day moving average price of $133.21. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.91 and a current ratio of 4.52.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th will be given a $1.00 dividend. This is an increase from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date is Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. Southern Copper’s dividend payout ratio is presently 75.19%.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 403 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total transaction of $55,544.87. Following the completion of the sale, the director directly owned 1,275 shares in the company, valued at approximately $175,731.28. This trade represents a 24.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the sale, the director owned 605 shares in the company, valued at approximately $126,783.04. The trade was a 93.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several analyst reports. Citigroup reissued a “sell” rating on shares of Southern Copper in a research note on Monday, January 12th. Morgan Stanley reiterated an “underweight” rating and set a $154.69 target price on shares of Southern Copper in a research note on Friday, January 30th. Zacks Research cut shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Southern Copper in a report on Monday, December 29th. Finally, Wells Fargo & Company set a $190.38 price target on shares of Southern Copper and gave the stock an “equal weight” rating in a report on Thursday, January 29th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $136.49.

Southern Copper 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.