Commerce Bank Acquires New Shares in Southern Copper Corporation $SCCO

Commerce Bank bought a new stake in shares of Southern Copper Corporation (NYSE:SCCO) during the 2nd quarter, HoldingsChannel reports. The firm bought 61,305 shares of the basic materials company’s stock, valued at approximately $10,683,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Southern Copper in the second quarter worth $1,729,500,000. Bank of New York Mellon Corp purchased a new stake in shares of Southern Copper during the second quarter valued at $696,621,000. Norges Bank purchased a new stake in shares of Southern Copper during the fourth quarter valued at $97,645,000. Capital Research Global Investors bought a new stake in Southern Copper in the 4th quarter worth about $81,039,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Southern Copper in the 1st quarter worth about $85,342,000. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Up 0.1%

SCCO opened at $216.30 on Monday. The firm’s 50 day simple moving average is $182.23 and its two-hundred day simple moving average is $183.16. The company has a market capitalization of $180.47 billion, a PE ratio of 31.62, a PEG ratio of 1.85 and a beta of 1.11. Southern Copper Corporation has a 1-year low of $92.94 and a 1-year high of $223.88. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, equities analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be given a $1.10 dividend. The ex-dividend date is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 2.0%. Southern Copper’s dividend payout ratio (DPR) is presently 64.33%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SCCO shares. Citigroup restated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Scotiabank reissued an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Morgan Stanley increased their price objective on shares of Southern Copper from $144.27 to $156.13 and gave the company an “underweight” rating in a research report on Wednesday, July 8th. Wells Fargo & Company raised their target price on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $146.84.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the transaction, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 509 shares of company stock valued at $97,753 over the last three months. Corporate 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.