Southern Copper Corporation $SCCO Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp lifted its stake in Southern Copper Corporation (NYSE:SCCO) by 927.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,869 shares of the basic materials company’s stock after purchasing an additional 5,298 shares during the quarter. Fifth Third Bancorp’s holdings in Southern Copper were worth $1,010,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. SHP Wealth Management purchased a new stake in shares of Southern Copper during the fourth quarter valued at $25,000. Lloyd Advisory Services LLC. purchased a new position in Southern Copper in the 4th quarter worth $29,000. Virtus Advisers LLC purchased a new position in Southern Copper in the 4th quarter worth $29,000. Godfrey Financial Associates Inc. acquired a new stake in Southern Copper during the 4th quarter worth about $30,000. Finally, IFP Advisors Inc lifted its position in Southern Copper by 233.3% during the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 161 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SCCO has been the subject of several research analyst reports. Citigroup restated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wells Fargo & Company upped their target price on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Morgan Stanley raised their price target on shares of Southern Copper from $146.00 to $158.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Finally, Scotiabank restated an “underperform” rating and set a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $148.60.

Southern Copper Stock Performance

Shares of SCCO stock opened at $179.69 on Friday. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The stock has a market cap of $148.44 billion, a PE ratio of 26.27, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The business has a 50-day simple moving average of $180.76 and a 200-day simple moving average of $183.39.

Shares of Southern Copper are going to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO) last posted its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.95 by $0.06. The firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. On average, equities analysts expect that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is 58.48%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 404 shares of company stock worth $74,108. 0.07% of the stock is 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.