Scotia Capital Inc. Grows Stock Position in Southern Copper Corporation $SCCO

Scotia Capital Inc. increased its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 10.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,597 shares of the basic materials company’s stock after purchasing an additional 1,625 shares during the quarter. Scotia Capital Inc.’s holdings in Southern Copper were worth $1,780,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tobam purchased a new position in Southern Copper during the 2nd quarter worth $29,000. Westside Investment Management Inc. acquired a new position in shares of Southern Copper during the second quarter worth about $32,000. Allworth Financial LP increased its stake in shares of Southern Copper by 65.1% during the second quarter. Allworth Financial LP now owns 383 shares of the basic materials company’s stock worth $39,000 after acquiring an additional 151 shares during the period. AlphaCore Capital LLC raised its holdings in Southern Copper by 148.9% during the second quarter. AlphaCore Capital LLC now owns 433 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 259 shares in the last quarter. Finally, Quarry LP acquired a new stake in Southern Copper in the first quarter valued at about $41,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Trading Up 1.0%

SCCO stock opened at $134.35 on Monday. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The company has a market cap of $109.12 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 1.29 and a beta of 1.08. The business has a fifty day simple moving average of $129.47 and a 200-day simple moving average of $108.92. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $144.81.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.09. The firm had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.05 billion. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%. On average, equities research analysts expect that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Wednesday, November 12th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, November 12th. Southern Copper’s dividend payout ratio is 75.47%.

Analyst Upgrades and Downgrades

SCCO has been the topic of several recent analyst reports. Jefferies Financial Group set a $155.00 target price on Southern Copper and gave the stock a “buy” rating in a research report on Monday, October 6th. HSBC reaffirmed a “hold” rating and set a $118.00 price objective (up previously from $105.00) on shares of Southern Copper in a report on Friday, October 17th. JPMorgan Chase & Co. raised their target price on Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a report on Monday, October 27th. UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a research note on Friday, September 19th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Southern Copper in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $117.94.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $139.35, for a total transaction of $27,870.00. Following the transaction, the director directly owned 1,713 shares of the company’s stock, valued at $238,706.55. The trade was a 10.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 962 shares of company stock valued at $118,232 in the last 90 days. Company insiders own 0.07% of the company’s stock.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.