Public Employees Retirement System of Ohio Acquires Shares of 106,407 Southern Copper Corporation $SCCO

Public Employees Retirement System of Ohio bought a new position in Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 106,407 shares of the basic materials company’s stock, valued at approximately $18,542,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SCCO. Redwood Investment Management LLC bought a new position in shares of Southern Copper in the second quarter worth approximately $1,177,000. Parvin Asset Management LLC bought a new stake in shares of Southern Copper in the second quarter worth approximately $826,000. Pure Financial Advisors LLC purchased a new position in shares of Southern Copper during the second quarter valued at approximately $884,000. Transamerica Financial Advisors LLC bought a new position in Southern Copper during the second quarter valued at approximately $139,000. Finally, Corient Private Wealth LP purchased a new stake in Southern Copper in the second quarter worth approximately $7,030,000. 7.94% of the stock is currently owned by institutional investors.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the transaction, the director directly 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 document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 509 shares of company stock valued at $97,753 in the last 90 days. 0.07% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on SCCO. Wells Fargo & Company lifted their target price on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley lifted their price target on Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Finally, Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $146.84.

Southern Copper Stock Down 2.2%

Shares of Southern Copper stock opened at $211.58 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The stock has a market cap of $176.53 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 1.80 and a beta of 1.11. The firm’s 50-day moving average is $184.67 and its two-hundred day moving average is $183.92. Southern Copper Corporation has a 1 year low of $92.94 and a 1 year high of $223.88.

Southern Copper (NYSE:SCCO) last announced its quarterly 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 firm had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company’s revenue was up 40.6% compared to the same quarter last year. As a group, research analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were paid a $1.10 dividend. 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. The ex-dividend date was Tuesday, August 11th. Southern Copper’s payout ratio is presently 64.33%.

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.