2,952 Shares in Southern Copper Corporation $SCCO Acquired by NINE MASTS CAPITAL Ltd

NINE MASTS CAPITAL Ltd purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, HoldingsChannel.com reports. The fund purchased 2,952 shares of the basic materials company’s stock, valued at approximately $514,000.

A number of other hedge funds also recently made changes to their positions in the stock. Focused Alpha LLC acquired a new stake in shares of Southern Copper during the 2nd quarter worth $317,000. BlackRock Inc. acquired a new position in Southern Copper in the second quarter valued at $1,729,500,000. Occidental Asset Management LLC purchased a new stake in Southern Copper during the second quarter valued at about $6,215,000. Dunhill Financial LLC purchased a new stake in Southern Copper during the second quarter valued at about $392,000. Finally, Paragon Financial Partners Inc. acquired a new stake in Southern Copper during the second quarter worth about $902,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE:SCCO opened at $192.54 on Tuesday. The company has a market cap of $160.64 billion, a P/E ratio of 28.15, a PEG ratio of 1.58 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper Corporation has a one year low of $92.57 and a one year high of $223.88. The business’s 50-day simple moving average is $180.38 and its 200 day simple moving average is $182.99.

Southern Copper (NYSE:SCCO) last released its quarterly 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 firm had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. The business’s quarterly revenue was up 40.6% on a year-over-year basis. On average, sell-side analysts forecast that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. 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 dividend yield of 2.3%. Southern Copper’s dividend payout ratio is presently 64.33%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays set a $164.03 price objective on Southern Copper and gave the company an “underweight” rating in a research note on Thursday, July 23rd. Citigroup restated a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. Scotiabank reiterated an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a research note on Monday, June 15th. Morgan Stanley increased their price objective on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Finally, CICC Research downgraded shares of Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $146.84.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction 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 sale, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This trade represents 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 have sold 711 shares of company stock valued at $133,247 in the last ninety days. 0.07% of the stock is currently owned by corporate insiders.

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.