Southern Copper Corporation $SCCO Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its holdings in Southern Copper Corporation (NYSE:SCCO) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 458,235 shares of the basic materials company’s stock after acquiring an additional 35,028 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Southern Copper worth $68,135,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in SCCO. Capital World Investors grew its stake in shares of Southern Copper by 36.1% during the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock worth $781,268,000 after purchasing an additional 1,708,693 shares during the period. Norges Bank acquired a new stake in shares of Southern Copper in the second quarter valued at about $57,901,000. HRT Financial LP acquired a new stake in shares of Southern Copper in the second quarter valued at about $29,771,000. Man Group plc boosted its holdings in Southern Copper by 65.4% during the second quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock worth $47,258,000 after buying an additional 184,641 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in Southern Copper by 54.6% during the third quarter. Schroder Investment Management Group now owns 505,284 shares of the basic materials company’s stock worth $61,321,000 after buying an additional 178,350 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on SCCO shares. Wells Fargo & Company set a $190.38 target price on shares of Southern Copper and gave the company an “equal weight” rating in a report on Thursday, January 29th. Morgan Stanley restated an “underweight” rating and issued a $154.69 price target on shares of Southern Copper in a report on Friday, January 30th. Citigroup reaffirmed a “sell” rating on shares of Southern Copper in a research note on Monday, January 12th. UBS Group reduced their price objective on Southern Copper from $150.00 to $140.00 and set a “sell” rating for the company in a report on Friday, March 27th. Finally, Bank of America downgraded Southern Copper from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $162.00 to $175.00 in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and eight have issued a Sell rating to the company’s stock. According to MarketBeat, Southern Copper has a consensus rating of “Reduce” and a consensus price target of $139.20.

Southern Copper Stock Up 8.0%

Shares of NYSE SCCO opened at $172.06 on Wednesday. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $223.88. The company has a market capitalization of $140.94 billion, a PE ratio of 32.34, a price-to-earnings-growth ratio of 1.64 and a beta of 1.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.89 and a quick ratio of 3.40. The firm’s 50-day moving average is $189.11 and its two-hundred day moving average is $155.03.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Wednesday, January 28th. The basic materials company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. Southern Copper had a net margin of 32.30% and a return on equity of 41.97%. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same period last year, the company posted $0.98 EPS. Equities analysts anticipate that Southern Copper Corporation will post 4.66 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th were issued a dividend of $1.00 per share. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date was Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Southern Copper’s payout ratio is currently 75.19%.

Insider Buying and Selling at Southern Copper

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the sale, the director owned 605 shares of the company’s stock, valued at $126,783.04. This trade represents a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.60, for a total value of $33,697.80. Following the sale, the director owned 1,707 shares of the company’s stock, valued at approximately $298,042.20. This represents a 10.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 9,526 shares of company stock valued at $1,989,373 in the last three months. 0.07% of the stock is currently owned by company insiders.

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.