Sumitomo Mitsui Trust Holdings Inc. Sells 53,724 Shares of Southern Copper Co. (NYSE:SCCO)


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Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in Southern Copper Co. (NYSE:SCCO) by 18.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 231,892 shares of the basic materials company’s stock after selling 53,724 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Southern Copper were worth $15,101,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Arrowstreet Capital Limited Partnership increased its holdings in Southern Copper by 860.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,092,733 shares of the basic materials company’s stock worth $94,738,000 after purchasing an additional 1,874,773 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Southern Copper by 35.5% during the third quarter. Neuberger Berman Group LLC now owns 1,363,930 shares of the basic materials company’s stock valued at $61,745,000 after acquiring an additional 357,563 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Southern Copper by 631.2% during the third quarter. Acadian Asset Management LLC now owns 691,567 shares of the basic materials company’s stock valued at $31,308,000 after acquiring an additional 596,986 shares in the last quarter. Bollard Group LLC increased its holdings in shares of Southern Copper by 0.6% during the third quarter. Bollard Group LLC now owns 644,328 shares of the basic materials company’s stock valued at $29,169,000 after acquiring an additional 3,602 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Southern Copper by 720.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,262 shares of the basic materials company’s stock valued at $24,865,000 after acquiring an additional 482,338 shares in the last quarter. Institutional investors and hedge funds own 6.93% of the company’s stock.

Several research firms have recently commented on SCCO. Citigroup upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $70.00 price objective for the company in a report on Tuesday, February 16th. UBS Group downgraded Southern Copper from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $49.00 to $60.00 in a report on Wednesday, December 9th. HSBC downgraded Southern Copper from a “hold” rating to a “reduce” rating and set a $48.50 price objective for the company. in a report on Tuesday, December 1st. Finally, Barclays started coverage on Southern Copper in a research report on Wednesday, January 6th. They set an “underweight” rating and a $54.00 target price on the stock. Five research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Southern Copper currently has an average rating of “Sell” and a consensus price target of $46.39.

Shares of SCCO stock opened at $81.53 on Tuesday. Southern Copper Co. has a 52-week low of $23.43 and a 52-week high of $83.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.89 and a current ratio of 3.73. The company has a 50-day simple moving average of $70.88 and a two-hundred day simple moving average of $56.98. The company has a market capitalization of $63.03 billion, a price-to-earnings ratio of 48.82, a PEG ratio of 2.03 and a beta of 1.16.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Monday, February 1st. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.07. Southern Copper had a net margin of 17.17% and a return on equity of 18.67%. On average, sell-side analysts forecast that Southern Copper Co. will post 1.94 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 24th. Investors of record on Wednesday, February 10th will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, February 9th. This represents a $2.40 annualized dividend and a yield of 2.94%. Southern Copper’s payout ratio is currently 125.00%.

In related news, Chairman German Larrea Mota Velasco sold 21,113 shares of the stock in a transaction dated Thursday, February 18th. The shares were sold at an average price of $74.73, for a total transaction of $1,577,774.49. Following the completion of the transaction, the chairman now owns 1,515,111 shares in the company, valued at $113,224,245.03. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have sold 524,321 shares of company stock valued at $32,004,828. 0.46% of the stock is owned by company insiders.

Southern Copper Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. 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.

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

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