Bank of Nova Scotia Makes New Investment in Southern Copper Corporation $SCCO

Bank of Nova Scotia acquired a new stake in Southern Copper Corporation (NYSE:SCCO) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 7,229 shares of the basic materials company’s stock, valued at approximately $1,244,000.

Other institutional investors have also recently made changes to their positions in the company. SHP Wealth Management bought a new position in shares of Southern Copper in the fourth quarter worth approximately $25,000. Lloyd Advisory Services LLC. bought a new stake in Southern Copper during the 4th quarter valued at $29,000. Virtus Advisers LLC bought a new stake in Southern Copper during the 4th quarter valued at $29,000. Godfrey Financial Associates Inc. purchased a new stake in Southern Copper during the 4th quarter valued at $30,000. Finally, IFP Advisors Inc boosted 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 valued at $33,000 after buying an additional 161 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. UBS Group restated a “sell” rating and issued a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. Citigroup reissued a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Barclays set a $166.00 price target on Southern Copper and gave the company an “underweight” rating in a report on Thursday, July 23rd. CICC Research cut Southern Copper to a “market perform” rating in a report on Sunday. Finally, Scotiabank reiterated an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat, Southern Copper presently has an average rating of “Reduce” and a consensus price target of $148.60.

Southern Copper Stock Down 2.1%

Shares of Southern Copper stock opened at $175.20 on Thursday. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The company has a market cap of $144.72 billion, a P/E ratio of 25.61, a PEG ratio of 1.54 and a beta of 1.11. The company’s fifty day simple moving average is $181.13 and its two-hundred day simple moving average is $184.02.

Shares of Southern Copper are set 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 during the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 50.74%. The firm’s quarterly revenue was up 40.6% on a year-over-year basis. Research analysts anticipate that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a yield of 2.5%. Southern Copper’s payout ratio is currently 58.48%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 504 shares of company stock valued at $92,008 in the last ninety days. Company insiders own 0.07% of the company’s stock.

About Southern Copper

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.