Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in Southern Copper Corporation $SCCO

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Southern Copper Corporation (NYSE:SCCO) by 505.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 40,964 shares of the basic materials company’s stock after purchasing an additional 34,201 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Southern Copper were worth $4,144,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB raised its stake in shares of Southern Copper by 6.5% in the second quarter. Nordea Investment Management AB now owns 140,489 shares of the basic materials company’s stock valued at $14,326,000 after acquiring an additional 8,531 shares in the last quarter. XTX Topco Ltd raised its position in Southern Copper by 185.1% in the 1st quarter. XTX Topco Ltd now owns 12,600 shares of the basic materials company’s stock valued at $1,178,000 after purchasing an additional 8,180 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Southern Copper by 9.2% in the 1st quarter. LPL Financial LLC now owns 148,380 shares of the basic materials company’s stock valued at $13,868,000 after buying an additional 12,531 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Southern Copper during the first quarter worth about $2,099,000. Finally, Capital Advisors Inc. OK increased its stake in shares of Southern Copper by 1.3% during the second quarter. Capital Advisors Inc. OK now owns 277,035 shares of the basic materials company’s stock worth $28,028,000 after buying an additional 3,449 shares during the period. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Stock Performance

NYSE SCCO opened at $132.39 on Friday. The company has a fifty day moving average of $124.58 and a two-hundred day moving average of $105.82. The company has a market capitalization of $107.52 billion, a PE ratio of 27.75, a P/E/G ratio of 1.29 and a beta of 1.08. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $144.81. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51.

Southern Copper (NYSE:SCCO) last posted its earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.09. The business 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 39.62% and a net margin of 30.98%. As a group, analysts expect that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Wednesday, November 12th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, November 12th. Southern Copper’s dividend payout ratio is presently 75.47%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SCCO. Morgan Stanley set a $132.00 price target on shares of Southern Copper and gave the stock an “equal weight” rating in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on shares of Southern Copper from $121.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Southern Copper in a report on Wednesday, October 8th. Zacks Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 7th. Finally, Jefferies Financial Group set a $155.00 price objective on Southern Copper and gave the stock a “buy” rating in a research report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $117.94.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $139.35, for a total transaction of $27,870.00. Following the completion of the sale, the director owned 1,713 shares in the company, valued at $238,706.55. This represents a 10.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 962 shares of company stock worth $118,232 in the last 90 days. Company insiders own 0.07% of the company’s stock.

Southern Copper Profile

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, copper, molybdenum, silver, gold, and lead.