Nordea Investment Management AB Acquires 56,973 Shares of Southern Copper Corporation (SCCO)
Nordea Investment Management AB increased its holdings in Southern Copper Corporation (NYSE:SCCO) by 71.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 137,198 shares of the basic materials company’s stock after purchasing an additional 56,973 shares during the period. Nordea Investment Management AB’s holdings in Southern Copper Corporation were worth $4,751,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of SCCO. Bessemer Group Inc. increased its holdings in shares of Southern Copper Corporation by 114.5% during the second quarter. Bessemer Group Inc. now owns 3,692 shares of the basic materials company’s stock worth $128,000 after buying an additional 1,971 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Southern Copper Corporation during the second quarter worth approximately $134,000. FNY Partners Fund LP acquired a new stake in shares of Southern Copper Corporation during the first quarter worth approximately $145,000. Sit Investment Associates Inc. increased its holdings in shares of Southern Copper Corporation by 68.8% during the second quarter. Sit Investment Associates Inc. now owns 5,400 shares of the basic materials company’s stock worth $187,000 after buying an additional 2,200 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Southern Copper Corporation during the first quarter worth approximately $202,000. 6.05% of the stock is owned by hedge funds and other institutional investors.
SCCO has been the subject of several recent analyst reports. FBR & Co dropped their price objective on shares of Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, June 16th. BidaskClub raised shares of Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Cowen and Company reaffirmed a “hold” rating and set a $39.00 price objective on shares of Southern Copper Corporation in a report on Wednesday, July 19th. Barclays PLC raised their price objective on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the stock an “underweight” rating in a report on Wednesday, August 9th. Finally, HSBC Holdings plc lowered shares of Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a report on Wednesday, August 16th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $36.29.
In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 504,800 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $39.51, for a total transaction of $19,944,648.00. Following the sale, the chairman now directly owns 2,972,297 shares of the company’s stock, valued at approximately $117,435,454.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 900,670 shares of company stock worth $35,575,771 over the last three months. Insiders own 0.53% of the company’s stock.
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Shares of Southern Copper Corporation (SCCO) opened at 39.76 on Friday. The stock’s 50 day moving average is $39.91 and its 200 day moving average is $36.72. The company has a market capitalization of $30.74 billion, a PE ratio of 31.26 and a beta of 0.55. Southern Copper Corporation has a 1-year low of $25.46 and a 1-year high of $42.00.
Southern Copper Corporation Profile
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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