AXQ Capital LP Takes Position in Southern Copper Corporation $SCCO

AXQ Capital LP acquired 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 firm acquired 5,495 shares of the basic materials company’s stock, valued at approximately $667,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SCCO. Norges Bank purchased a new position in shares of Southern Copper in the second quarter worth about $57,901,000. HRT Financial LP bought a new position in Southern Copper in the 2nd quarter worth approximately $29,771,000. Man Group plc grew its stake in Southern Copper by 65.4% in the 2nd quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock valued at $47,258,000 after buying an additional 184,641 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Southern Copper by 10.8% during the 2nd 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 during the period. Finally, Ossiam raised its holdings in Southern Copper by 236,557.7% during the 2nd quarter. Ossiam now owns 168,027 shares of the basic materials company’s stock valued at $16,999,000 after acquiring an additional 167,956 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SCCO shares. Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research note on Monday, December 29th. Citigroup reiterated a “sell” rating on shares of Southern Copper in a research report on Monday, January 12th. Itau BBA Securities lowered shares of Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 price objective for the company. in a research report on Monday, December 22nd. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $116.51 target price (down from $118.49) on shares of Southern Copper in a report on Friday, January 23rd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, Southern Copper presently has an average rating of “Reduce” and a consensus price target of $136.49.

Southern Copper Trading Up 1.8%

Shares of Southern Copper stock opened at $210.87 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $218.81. The firm has a market cap of $171.26 billion, a PE ratio of 39.64, a PEG ratio of 1.70 and a beta of 1.07. The company has a 50 day simple moving average of $176.47 and a two-hundred day simple moving average of $140.10.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 10th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.9%. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date is Tuesday, February 10th. Southern Copper’s dividend payout ratio (DPR) is presently 75.19%.

Insiders Place Their Bets

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

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.