Man Group plc Acquires Shares of 21,021 Southern Copper Corporation $SCCO

Man Group plc acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the second quarter, HoldingsChannel.com reports. The fund acquired 21,021 shares of the basic materials company’s stock, valued at approximately $3,663,000.

Several other hedge funds also recently made changes to their positions in SCCO. Fund Advisors of America Inc FL purchased a new stake in Southern Copper in the 2nd quarter valued at approximately $870,000. California Public Employees Retirement System raised its stake in shares of Southern Copper by 21.2% during the 1st quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock worth $33,126,000 after buying an additional 33,638 shares in the last quarter. B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Southern Copper in the 2nd quarter valued at approximately $5,266,000. RFG Advisory LLC acquired a new stake in shares of Southern Copper in the 4th quarter valued at approximately $1,147,000. Finally, Ashoka WhiteOak Capital Pte Ltd acquired a new stake in shares of Southern Copper in the 4th quarter valued at approximately $5,460,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director directly owned 1,723 shares of the company’s stock, valued at $339,066.65. This trade represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 408 shares of company stock worth $77,793. Company insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Southern Copper stock opened at $209.09 on Tuesday. Southern Copper Corporation has a 52 week low of $92.94 and a 52 week high of $223.88. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The firm’s 50-day simple moving average is $185.12 and its 200 day simple moving average is $183.86. The firm has a market capitalization of $174.45 billion, a PE ratio of 30.57, a P/E/G ratio of 1.80 and a beta of 1.11.

Southern Copper (NYSE:SCCO) last posted 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 net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion during 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. On average, equities research analysts predict that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a $1.10 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, August 11th. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Scotiabank reaffirmed 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. UBS Group reissued a “sell” rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. JPMorgan Chase & Co. boosted their target price on shares of Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a research report on Wednesday, June 17th. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company increased their price target on shares of Southern Copper from $168.97 to $169.96 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $146.84.

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.