Neuberger Berman Group LLC increased its stake in shares of Southern Copper Co. (NYSE:SCCO) by 20.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,782,354 shares of the basic materials company’s stock after purchasing an additional 307,058 shares during the period. Neuberger Berman Group LLC owned 0.23% of Southern Copper worth $114,470,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. WINTON GROUP Ltd raised its position in shares of Southern Copper by 1.3% during the 2nd quarter. WINTON GROUP Ltd now owns 12,798 shares of the basic materials company’s stock worth $823,000 after purchasing an additional 168 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Southern Copper by 1.4% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 14,100 shares of the basic materials company’s stock worth $957,000 after purchasing an additional 200 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Southern Copper by 32.3% during the 2nd quarter. Parallel Advisors LLC now owns 925 shares of the basic materials company’s stock worth $60,000 after purchasing an additional 226 shares during the last quarter. Budros Ruhlin & Roe Inc. raised its position in shares of Southern Copper by 1.3% during the 2nd quarter. Budros Ruhlin & Roe Inc. now owns 19,889 shares of the basic materials company’s stock worth $1,279,000 after purchasing an additional 251 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Southern Copper by 5.3% during the 2nd quarter. American Century Companies Inc. now owns 6,401 shares of the basic materials company’s stock worth $412,000 after purchasing an additional 323 shares during the last quarter. Hedge funds and other institutional investors own 7.26% of the company’s stock.
SCCO stock opened at $59.50 on Thursday. The company has a market cap of $46.00 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 0.81 and a beta of 1.10. The company has a current ratio of 3.80, a quick ratio of 3.18 and a debt-to-equity ratio of 0.82. Southern Copper Co. has a 12 month low of $45.88 and a 12 month high of $83.29. The firm has a 50-day moving average of $60.88 and a two-hundred day moving average of $65.76.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 26th. Stockholders of record on Thursday, August 12th were paid a $0.90 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $0.70. The ex-dividend date was Wednesday, August 11th. This represents a $3.60 annualized dividend and a dividend yield of 6.05%. Southern Copper’s dividend payout ratio is 177.34%.
Several research firms recently weighed in on SCCO. Zacks Investment Research downgraded shares of Southern Copper from a “hold” rating to a “strong sell” rating and set a $51.00 price target for the company. in a research report on Tuesday, September 28th. HSBC upgraded shares of Southern Copper from a “reduce” rating to a “hold” rating and increased their price objective for the company from $67.00 to $68.50 in a report on Thursday, July 15th. Finally, Barclays upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and cut their price objective for the company from $57.00 to $55.00 in a report on Thursday, July 8th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $61.90.
In other news, Director Bonilla Luis Miguel Palomino sold 600 shares of the stock in a transaction that occurred on Tuesday, August 10th. The shares were sold at an average price of $66.30, for a total value of $39,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.
Southern Copper Company Profile
Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations; Mexican Open-Pit Operations; and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.
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