Man Group plc Purchases Shares of 21,021 Southern Copper Corporation $SCCO

Man Group plc acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 21,021 shares of the basic materials company’s stock, valued at approximately $3,663,000.

Other institutional investors have also modified their holdings of the company. Bell Investment Advisors Inc purchased a new position in shares of Southern Copper in the 2nd quarter valued at $26,000. Rakuten Securities Inc. purchased a new stake in Southern Copper in the second quarter valued at $28,000. SHP Wealth Management purchased a new stake in Southern Copper in the fourth quarter valued at $25,000. Lloyd Advisory Services LLC. purchased a new stake in Southern Copper in the fourth quarter valued at $29,000. Finally, Virtus Advisers LLC acquired a new position in Southern Copper in the fourth quarter valued at $29,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

SCCO has been the topic of several research reports. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Wells Fargo & Company boosted their target price on Southern Copper from $168.97 to $169.96 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Zacks Research cut Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. CICC Research downgraded Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Finally, Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, Southern Copper presently has an average rating of “Reduce” and an average target price of $146.84.

Southern Copper Trading Down 0.3%

Shares of Southern Copper stock opened at $209.09 on Tuesday. Southern Copper Corporation has a 1 year low of $92.94 and a 1 year high of $223.88. 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 company has a market capitalization of $174.45 billion, a P/E ratio of 30.57, a PEG ratio of 1.80 and a beta of 1.11. The company’s fifty day moving average is $185.12 and its two-hundred day moving average is $183.86.

Southern Copper (NYSE:SCCO) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The business had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper’s revenue was up 40.6% compared to the same quarter last year. Analysts forecast that Southern Copper Corporation will post 7.61 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.1%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, 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 can be accessed through the SEC website. Over the last ninety days, insiders sold 408 shares of company stock worth $77,793. 0.07% of the stock is owned by corporate insiders.

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.