Southern Copper Corp (SCCO) Position Decreased by BlackRock Inc.

BlackRock Inc. lessened its holdings in Southern Copper Corp (NYSE:SCCO) by 7.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,115,955 shares of the basic materials company’s stock after selling 481,955 shares during the period. BlackRock Inc.’s holdings in Southern Copper were worth $286,657,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Amalgamated Bank increased its stake in Southern Copper by 11.0% during the 1st quarter. Amalgamated Bank now owns 10,512 shares of the basic materials company’s stock worth $570,000 after buying an additional 1,044 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Southern Copper by 16.3% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 8,748 shares of the basic materials company’s stock worth $410,000 after buying an additional 1,227 shares in the last quarter. Wells Fargo & Company MN increased its stake in Southern Copper by 2.5% during the 1st quarter. Wells Fargo & Company MN now owns 63,425 shares of the basic materials company’s stock worth $3,436,000 after buying an additional 1,532 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Southern Copper by 15.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,709 shares of the basic materials company’s stock worth $634,000 after buying an additional 1,549 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in Southern Copper by 4.9% during the 2nd quarter. CIBC Asset Management Inc now owns 33,580 shares of the basic materials company’s stock worth $1,574,000 after buying an additional 1,558 shares in the last quarter. Hedge funds and other institutional investors own 7.50% of the company’s stock.

SCCO stock opened at $41.10 on Tuesday. The company has a quick ratio of 2.15, a current ratio of 3.15 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $31.78 billion, a PE ratio of 26.69 and a beta of 0.53. Southern Copper Corp has a 1 year low of $38.34 and a 1 year high of $58.09.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Wednesday, August 1st. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.11). Southern Copper had a net margin of 13.78% and a return on equity of 15.50%. equities research analysts predict that Southern Copper Corp will post 2.42 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 21st. Stockholders of record on Wednesday, August 8th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 6th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.30. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.89%.

SCCO has been the subject of several research reports. Berenberg Bank reiterated a “sell” rating and set a $39.00 price objective on shares of Southern Copper in a research note on Saturday, June 2nd. JPMorgan Chase & Co. upgraded Southern Copper to a “sell” rating and set a $45.00 price objective for the company in a research note on Tuesday, June 5th. ValuEngine upgraded Southern Copper from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. Finally, Scotiabank set a $40.00 price objective on Southern Copper and gave the stock a “sell” rating in a research note on Monday, August 6th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.31.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc and lead.

Further Reading: Return on Equity (ROE)

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Institutional Ownership by Quarter for Southern Copper (NYSE:SCCO)

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