Stock Traders Purchase High Volume of Put Options on Southern Copper (SCCO)

Southern Copper Corporation (NYSE:SCCO) saw some unusual options trading on Friday. Traders acquired 898 put options on the company. This is an increase of approximately 1,325% compared to the typical daily volume of 63 put options.

Southern Copper (NYSE:SCCO) opened at $42.42 on Wednesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.01 and a quick ratio of 2.00. Southern Copper has a 12 month low of $31.55 and a 12 month high of $44.69. The company has a market capitalization of $33,054.68, a PE ratio of 33.41, a PEG ratio of 0.67 and a beta of 0.62.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 8th were paid a $0.25 dividend. The ex-dividend date was Tuesday, November 7th. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. This is an increase from Southern Copper’s previous quarterly dividend of $0.14. Southern Copper’s dividend payout ratio (DPR) is 78.13%.

A number of research firms have weighed in on SCCO. B. Riley reissued a “buy” rating on shares of Southern Copper in a report on Wednesday, November 1st. BidaskClub raised Southern Copper from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Scotiabank downgraded Southern Copper from a “sector perform” rating to an “underperform” rating in a report on Monday, October 23rd. FBR & Co reissued a “buy” rating on shares of Southern Copper in a report on Monday, October 23rd. Finally, downgraded Southern Copper from a “buy” rating to a “hold” rating and set a $41.00 target price on the stock. in a report on Wednesday, August 16th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $38.88.

Several hedge funds and other institutional investors have recently bought and sold shares of SCCO. Prudential Financial Inc. raised its stake in shares of Southern Copper by 131.2% in the second quarter. Prudential Financial Inc. now owns 1,223,889 shares of the basic materials company’s stock worth $42,384,000 after buying an additional 694,600 shares during the period. Neuberger Berman Group LLC bought a new position in shares of Southern Copper in the third quarter worth about $14,271,000. Telemark Asset Management LLC bought a new position in shares of Southern Copper in the third quarter worth about $11,928,000. Cypress Funds LLC purchased a new stake in shares of Southern Copper during the third quarter worth about $8,946,000. Finally, Oakmont Corp purchased a new stake in shares of Southern Copper during the third quarter worth about $8,827,000. 6.34% of the stock is currently owned by hedge funds and other institutional investors.

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About Southern Copper

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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