Southern Copper Corporation $SCCO Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lowered its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 39.3% during the second quarter, Holdings Channel reports. The fund owned 48,976 shares of the basic materials company’s stock after selling 31,763 shares during the period. Handelsbanken Fonder AB’s holdings in Southern Copper were worth $8,535,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SCCO. SHP Wealth Management purchased a new position in Southern Copper in the fourth quarter valued at $25,000. Lloyd Advisory Services LLC. purchased a new stake in Southern Copper during the 4th quarter worth about $29,000. Virtus Advisers LLC purchased a new stake in Southern Copper during the 4th quarter worth about $29,000. Godfrey Financial Associates Inc. acquired a new stake in Southern Copper in the 4th quarter valued at about $30,000. Finally, IFP Advisors Inc boosted its stake in shares of Southern Copper by 233.3% in the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock valued at $33,000 after buying an additional 161 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 711 shares of company stock worth $133,247 over the last 90 days. 0.07% of the stock is currently owned by company insiders.

Southern Copper Trading Down 3.6%

NYSE:SCCO opened at $187.95 on Friday. Southern Copper Corporation has a 1 year low of $92.57 and a 1 year high of $223.88. The stock has a market cap of $156.81 billion, a P/E ratio of 27.48, a P/E/G ratio of 1.67 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The stock has a 50-day simple moving average of $179.64 and a 200-day simple moving average of $182.97.

Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, analysts anticipate that Southern Copper Corporation will post 7.63 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a $1.10 dividend. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, August 11th. Southern Copper’s payout ratio is currently 64.33%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SCCO. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Wells Fargo & Company lifted their price target on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Morgan Stanley boosted their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a report on Wednesday, July 8th. Finally, Scotiabank restated an “underperform” rating and issued a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $146.84.

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.