Capstone Capital Management Ltd Purchases New Stake in Southern Copper Corporation $SCCO

Capstone Capital Management Ltd purchased a new stake in Southern Copper Corporation (NYSE:SCCO) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,926 shares of the basic materials company’s stock, valued at approximately $998,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SCCO. BlackRock Inc. bought a new stake in shares of Southern Copper during the second quarter worth $1,729,500,000. Bank of America Corp DE acquired a new stake in shares of Southern Copper in the second quarter valued at about $318,448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Southern Copper by 2.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company’s stock valued at $224,908,000 after purchasing an additional 27,744 shares during the period. Legal & General Group Plc bought a new position in Southern Copper during the second quarter worth $149,739,000. Finally, Bollard Group LLC raised its position in shares of Southern Copper by 14.0% in the 1st quarter. Bollard Group LLC now owns 861,950 shares of the basic materials company’s stock worth $148,307,000 after acquiring an additional 105,763 shares in the last quarter. 7.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Southern Copper

In related news, Director Luis Palomino Bonilla 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 value of $39,751.28. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 704 shares of company stock valued at $138,077 in the last quarter. 0.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SCCO shares. Weiss Ratings upgraded Southern Copper from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Citigroup reiterated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Wells Fargo & Company upped their price objective on Southern Copper from $172.00 to $190.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 6th. Finally, Morgan Stanley restated an “underweight” rating and set a $170.00 price target on shares of Southern Copper in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $160.95.

Southern Copper Stock Up 0.2%

Shares of NYSE:SCCO opened at $202.19 on Wednesday. Southern Copper Corporation has a one year low of $119.25 and a one year high of $223.88. The firm has a fifty day moving average price of $201.51 and a two-hundred day moving average price of $187.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The company has a market cap of $168.69 billion, a price-to-earnings ratio of 29.50, a PEG ratio of 1.78 and a beta of 1.11.

Shares of Southern Copper are scheduled to split on the morning of Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly created shares will be distributed to shareholders after the closing bell on Monday, November 2nd.

Southern Copper (NYSE:SCCO) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%. The business had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. The firm’s quarterly revenue was up 40.6% compared to the same quarter last year. Analysts anticipate that Southern Copper Corporation will post 7.92 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 2.6%. This is a positive change from Southern Copper’s previous quarterly dividend of $1.10. The ex-dividend date is Tuesday, November 3rd. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.

Southern Copper Profile

Southern Copper Corporation (NYSE:SCCO) is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.

Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.