BlackRock Inc. Has $265.98 Million Holdings in Southern Copper Corporation (SCCO)
BlackRock Inc. decreased its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 1.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,680,532 shares of the basic materials company’s stock after selling 109,418 shares during the period. BlackRock Inc. owned about 0.99% of Southern Copper Corporation worth $265,977,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN raised its stake in Southern Copper Corporation by 33.1% during the first quarter. Wells Fargo & Company MN now owns 86,411 shares of the basic materials company’s stock worth $3,101,000 after acquiring an additional 21,494 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Southern Copper Corporation by 63.2% during the first quarter. US Bancorp DE now owns 6,752 shares of the basic materials company’s stock valued at $243,000 after acquiring an additional 2,615 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of Southern Copper Corporation by 25.0% during the first quarter. UBS Asset Management Americas Inc. now owns 191,366 shares of the basic materials company’s stock valued at $6,868,000 after acquiring an additional 38,318 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Southern Copper Corporation during the first quarter valued at $202,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Southern Copper Corporation by 406.0% in the 1st quarter. JPMorgan Chase & Co. now owns 108,608 shares of the basic materials company’s stock valued at $3,899,000 after purchasing an additional 87,142 shares in the last quarter. Hedge funds and other institutional investors own 6.05% of the company’s stock.
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In other news, Chairman German Larrea Mota Velasco sold 135,000 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $39.44, for a total transaction of $5,324,400.00. Following the completion of the transaction, the chairman now owns 3,737,967 shares of the company’s stock, valued at approximately $147,425,418.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 900,670 shares of company stock worth $35,575,771. Corporate insiders own 0.53% of the company’s stock.
Southern Copper Corporation (NYSE SCCO) opened at 40.83 on Wednesday. The stock’s 50 day moving average is $40.05 and its 200-day moving average is $36.99. The firm has a market capitalization of $31.56 billion, a price-to-earnings ratio of 32.10 and a beta of 0.53. Southern Copper Corporation has a 12 month low of $25.79 and a 12 month high of $42.00.
Several research analysts have recently commented on SCCO shares. Barclays PLC boosted their target price on Southern Copper Corporation from $33.00 to $35.00 and gave the stock an “underweight” rating in a report on Wednesday, August 9th. HSBC Holdings plc lowered Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 price target on the stock. in a research report on Wednesday, August 16th. BidaskClub cut Southern Copper Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 23rd. Cowen and Company reaffirmed a “hold” rating and set a $39.00 price target on shares of Southern Copper Corporation in a report on Wednesday, July 19th. Finally, FBR & Co cut their price objective on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $36.29.
Southern Copper Corporation Company 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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