PCM Encore LLC Invests $1.63 Million in Southern Copper Corporation $SCCO

PCM Encore LLC acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 9,342 shares of the basic materials company’s stock, valued at approximately $1,628,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Intech Investment Management LLC increased its position in Southern Copper by 0.8% in the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock worth $865,000 after buying an additional 50 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Southern Copper by 0.8% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock worth $871,000 after buying an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC boosted its position in shares of Southern Copper by 1.8% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after acquiring an additional 52 shares during the period. Ensign Peak Advisors Inc boosted its position in shares of Southern Copper by 0.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after acquiring an additional 53 shares during the period. Finally, Venture Visionary Partners LLC grew its stake in shares of Southern Copper by 0.8% in the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock worth $1,004,000 after acquiring an additional 53 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 509 shares of company stock valued at $97,753. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

SCCO opened at $199.45 on Friday. The stock’s 50 day simple moving average is $181.66 and its 200-day simple moving average is $182.97. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The stock has a market cap of $166.41 billion, a PE ratio of 29.16, a P/E/G ratio of 1.67 and a beta of 1.11. Southern Copper Corporation has a 1 year low of $92.57 and a 1 year high of $223.88.

Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping the consensus estimate 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 firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Sell-side analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is currently 64.33%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SCCO shares. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays set a $164.03 price target on shares of Southern Copper and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. Wells Fargo & Company boosted their price objective on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. CICC Research lowered shares of Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Finally, Scotiabank reiterated an “underperform” rating and issued a $138.34 target price (up from $133.40) on shares of Southern Copper in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $146.84.

Southern Copper Profile

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.