PDT Partners LLC Purchases New Position in Southern Copper Corporation $SCCO

PDT Partners LLC acquired a new position in Southern Copper Corporation (NYSE:SCCO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,840 shares of the basic materials company’s stock, valued at approximately $1,715,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in shares of Southern Copper in the 2nd quarter worth $443,000. Legal & General Group Plc purchased a new stake in Southern Copper in the second quarter worth about $149,739,000. The Manufacturers Life Insurance Company bought a new position in Southern Copper during the 2nd quarter worth about $5,794,000. Fiduciary Financial Advisors purchased a new position in Southern Copper during the 2nd quarter valued at about $121,000. Finally, Manning & Napier Advisors LLC purchased a new position in Southern Copper during the 2nd quarter valued at about $928,000. 7.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. CICC Research cut shares of Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. UBS Group reissued a “sell” rating and issued a $158.10 price objective (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Barclays set a $164.03 target price on Southern Copper and gave the stock an “underweight” rating in a report on Thursday, July 23rd. Finally, Wall Street Zen cut Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $146.84.

Southern Copper Stock Performance

Shares of SCCO opened at $213.68 on Thursday. Southern Copper Corporation has a 12 month low of $92.94 and a 12 month high of $223.88. The stock has a fifty day moving average price of $183.73 and a 200-day moving average price of $183.58. 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 firm has a market cap of $178.28 billion, a PE ratio of 31.24, a P/E/G ratio of 1.88 and a beta of 1.11.

Southern Copper (NYSE:SCCO) last announced 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. 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 for the quarter, compared to the consensus estimate of $4.37 billion. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Equities research analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $1.10 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s dividend payout ratio is 64.33%.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was 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 in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 509 shares of company stock worth $97,753 in the last 90 days. 0.07% of the stock is currently owned by insiders.

Southern Copper Company 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.