Amundi Trims Position in Southern Copper Corporation $SCCO

Amundi decreased its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 6.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,034 shares of the basic materials company’s stock after selling 9,556 shares during the quarter. Amundi’s holdings in Southern Copper were worth $15,811,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SCCO. Tobam purchased a new position in shares of Southern Copper during the second quarter worth approximately $29,000. Westside Investment Management Inc. bought a new position in Southern Copper in the second quarter worth approximately $32,000. Allworth Financial LP increased its holdings in Southern Copper by 65.1% during the 2nd quarter. Allworth Financial LP now owns 383 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 151 shares during the period. AlphaCore Capital LLC raised its position in Southern Copper by 148.9% during the 2nd quarter. AlphaCore Capital LLC now owns 433 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 259 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Southern Copper in the 1st quarter worth $41,000. 7.94% of the stock is currently owned by institutional investors.

Southern Copper Price Performance

SCCO opened at $143.86 on Thursday. The firm has a market capitalization of $116.84 billion, a PE ratio of 30.16, a price-to-earnings-growth ratio of 1.31 and a beta of 1.07. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91. The business’s 50-day moving average is $132.92 and its two-hundred day moving average is $111.47. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $144.81.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.09. Southern Copper had a net margin of 30.98% and a return on equity of 38.74%. The business had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Research analysts anticipate that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, November 12th. Southern Copper’s dividend payout ratio (DPR) is 75.47%.

Analysts Set New Price Targets

SCCO has been the topic of a number of recent research reports. Wells Fargo & Company increased their price target on Southern Copper from $121.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Morgan Stanley set a $132.00 price objective on shares of Southern Copper and gave the stock an “equal weight” rating in a research note on Wednesday, October 8th. UBS Group reissued a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Citigroup restated a “sell” rating and issued a $108.00 price target (up previously from $89.10) on shares of Southern Copper in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Southern Copper has an average rating of “Reduce” and an average target price of $117.94.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 400 shares of Southern Copper stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $139.00, for a total value of $55,600.00. Following the transaction, the director directly owned 1,265 shares of the company’s stock, valued at approximately $175,835. The trade was a 24.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 1,148 shares of company stock valued at $152,218 over the last 90 days. 0.07% of the stock is currently owned by insiders.

About Southern Copper

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, copper, molybdenum, silver, gold, and lead.