Nisa Investment Advisors LLC Buys 5,256 Shares of Southern Copper Corporation $SCCO

Nisa Investment Advisors LLC boosted its position in shares of Southern Copper Corporation (NYSE:SCCO) by 10.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 57,569 shares of the basic materials company’s stock after buying an additional 5,256 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Southern Copper were worth $11,666,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Southern Copper in the second quarter valued at $1,729,500,000. Bank of America Corp DE bought a new stake in shares of Southern Copper in the 2nd quarter worth about $318,448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Southern Copper by 2.2% in 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 worth $224,908,000 after acquiring an additional 27,744 shares during the last quarter. Legal & General Group Plc purchased a new position in shares of Southern Copper during the 2nd quarter worth about $149,739,000. Finally, Bollard Group LLC boosted its stake in shares of Southern Copper by 14.0% during the 1st quarter. Bollard Group LLC now owns 861,950 shares of the basic materials company’s stock worth $148,307,000 after purchasing an additional 105,763 shares during the period. Institutional investors own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

SCCO has been the topic of several analyst reports. Weiss Ratings upgraded shares of Southern Copper from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. UBS Group reissued a “sell” rating and issued a $180.00 price objective (up from $160.00) on shares of Southern Copper in a research report on Thursday, October 8th. Wells Fargo & Company raised their price objective on shares of Southern Copper from $172.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 6th. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Finally, Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $160.95.

Trending Headlines about Southern Copper

Here are the key news stories impacting Southern Copper this week:

• Positive Sentiment: Record Q3 performance: Third-quarter sales rose 39.1% year over year to $4.70 billion, while net income increased 62.7% to $1.80 billion, or $2.15 per share. Earnings and revenue exceeded analyst expectations. Operating cash flow also rose 42.6% to $2.22 billion. Southern Copper Posts Record $4.7 Billion Third-Quarter Sales
• Positive Sentiment: Shareholder returns and growth plans: The board approved a $1.30 quarterly dividend and a 1.06% stock dividend. Southern Copper is also targeting annual production of one million tonnes and is weighing a roughly $680 million expansion of its Cuajone mine, which could support longer-term output growth. Southern Copper weighs $680M Cuajone mine expansion
• Neutral Sentiment: Upcoming stock split: SCCO is scheduled to distribute 0.0106 additional shares per share after the November 2 close, with trading on a split-adjusted basis expected to begin November 3. The action may improve trading accessibility but does not by itself change the company’s fundamental value. Southern Copper Shares Set to Split
• Negative Sentiment: Valuation and execution concerns: Bank of America maintained a Sell rating, citing SCCO’s rich valuation and delays or uncertainty surrounding growth projects. Copper production fell 1.1% year over year to 232,396 tonnes, making recent earnings more dependent on higher metal prices. Southern Copper: Record Results but Rich Valuation and Project Delays
• Negative Sentiment: Profit-taking risk: Reports of insider transactions show selling rather than purchases over the past six months, while the stock’s elevated valuation may be encouraging investors to lock in gains after its strong run.

Insiders Place Their Bets

In related news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction dated 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 owned 1,723 shares in the company, valued at $339,066.65. This trade represents a 10.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 603 shares of company stock worth $120,213. Company insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

SCCO stock opened at $183.03 on Friday. Southern Copper Corporation has a twelve month low of $119.25 and a twelve month high of $223.88. The firm has a market cap of $152.70 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 1.84 and a beta of 1.11. The business’s fifty day simple moving average is $201.48 and its two-hundred day simple moving average is $188.16. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63.

Shares of Southern Copper are scheduled to split on Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly minted shares will be payable to shareholders after the market closes on Monday, November 2nd.

Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, October 21st. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.13. The firm had revenue of $4.70 billion during the quarter, compared to analyst estimates of $4.49 billion. Southern Copper had a net margin of 37.16% and a return on equity of 53.46%. Analysts predict that Southern Copper Corporation will post 7.97 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be paid a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $5.20 annualized dividend and a yield of 2.8%. This is a boost from Southern Copper’s previous quarterly dividend of $1.10. Southern Copper’s payout ratio is 64.33%.

Southern Copper Company 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.