IFM Investors Pty Ltd Grows Stock Holdings in Southern Copper Corporation $SCCO

IFM Investors Pty Ltd grew its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 44.8% during the third quarter, HoldingsChannel reports. The firm owned 18,422 shares of the basic materials company’s stock after purchasing an additional 5,697 shares during the quarter. IFM Investors Pty Ltd’s holdings in Southern Copper were worth $2,155,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. MJT & Associates Financial Advisory Group Inc. boosted its stake in Southern Copper by 65.1% in the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after buying an additional 84 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Southern Copper by 56.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 15,593 shares of the basic materials company’s stock valued at $1,892,000 after acquiring an additional 5,637 shares during the last quarter. Confluence Investment Management LLC lifted its holdings in shares of Southern Copper by 38.5% during the 3rd quarter. Confluence Investment Management LLC now owns 8,287 shares of the basic materials company’s stock worth $1,006,000 after acquiring an additional 2,305 shares during the period. HBK Sorce Advisory LLC boosted its position in shares of Southern Copper by 12.4% in the third quarter. HBK Sorce Advisory LLC now owns 3,701 shares of the basic materials company’s stock worth $490,000 after acquiring an additional 407 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its position in shares of Southern Copper by 1.8% in the third quarter. Jamison Private Wealth Management Inc. now owns 69,477 shares of the basic materials company’s stock worth $8,432,000 after acquiring an additional 1,261 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total transaction of $55,600.00. Following the transaction, the director directly owned 1,265 shares of the company’s stock, valued at approximately $175,835. The trade was a 24.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 948 shares of company stock worth $131,130. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

NYSE:SCCO opened at $149.49 on Friday. The firm’s fifty day simple moving average is $136.61 and its 200 day simple moving average is $115.66. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $152.19. The firm has a market capitalization of $121.42 billion, a price-to-earnings ratio of 31.34, a PEG ratio of 1.36 and a beta of 1.07.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.09. The firm had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.05 billion. Southern Copper had a return on equity of 38.74% and a net margin of 30.98%. As a group, equities research analysts expect that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Wednesday, November 12th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, November 12th. Southern Copper’s dividend payout ratio (DPR) is presently 75.47%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Citigroup reaffirmed a “sell” rating and set a $108.00 price target (up previously from $89.10) on shares of Southern Copper in a research report on Wednesday, October 8th. Wells Fargo & Company set a $144.00 price objective on shares of Southern Copper and gave the company an “equal weight” rating in a research note on Tuesday. Jefferies Financial Group set a $155.00 price objective on Southern Copper and gave the stock a “buy” rating in a report on Monday, October 6th. UBS Group reiterated a “neutral” rating and issued a $143.00 target price (up previously from $135.00) on shares of Southern Copper in a report on Friday, December 12th. Finally, Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $123.85.

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.