Denali Advisors LLC boosted its position in Southern Copper Corp (NYSE:SCCO) by 10.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 297,800 shares of the basic materials company’s stock after purchasing an additional 27,700 shares during the period. Southern Copper comprises 1.7% of Denali Advisors LLC’s investment portfolio, making the stock its 20th biggest position. Denali Advisors LLC’s holdings in Southern Copper were worth $11,570,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank purchased a new position in Southern Copper during the first quarter worth $32,000. Cullen Frost Bankers Inc. purchased a new position in Southern Copper during the first quarter worth $55,000. CENTRAL TRUST Co increased its position in Southern Copper by 12.9% during the first quarter. CENTRAL TRUST Co now owns 4,481 shares of the basic materials company’s stock worth $178,000 after buying an additional 511 shares in the last quarter. Piedmont Investment Advisors Inc. purchased a new position in Southern Copper during the first quarter worth $236,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Southern Copper during the first quarter worth $247,000. 6.85% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on SCCO. Macquarie began coverage on Lundin Mining in a research report on Wednesday, July 10th. They set a “neutral” rating for the company. ValuEngine raised United Overseas Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Finally, Zacks Investment Research raised Investar from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Tuesday, June 4th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $51.95.
Shares of NYSE:SCCO traded down $0.23 during midday trading on Tuesday, reaching $37.40. The company’s stock had a trading volume of 809,600 shares, compared to its average volume of 943,401. The firm has a market cap of $29.09 billion, a price-to-earnings ratio of 18.70, a price-to-earnings-growth ratio of 1.23 and a beta of 0.86. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.91 and a current ratio of 2.83. Southern Copper Corp has a 1 year low of $29.01 and a 1 year high of $49.56. The company’s 50 day moving average is $37.60.
Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Monday, April 29th. The basic materials company reported $0.50 EPS for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.04). Southern Copper had a net margin of 20.84% and a return on equity of 22.04%. The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Analysts expect that Southern Copper Corp will post 2.27 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Wednesday, August 7th. Southern Copper’s payout ratio is currently 80.00%.
About Southern Copper
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc and lead.
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