ABC Arbitrage SA Makes New $869,000 Investment in Southern Copper Corporation $SCCO

ABC Arbitrage SA acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 7,160 shares of the basic materials company’s stock, valued at approximately $869,000.

Several other hedge funds have also recently made changes to their positions in SCCO. Hopwood Financial Services Inc. bought a new stake in Southern Copper during the third quarter valued at $25,000. MJT & Associates Financial Advisory Group Inc. grew its holdings in shares of Southern Copper by 65.1% during the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 84 shares during the last quarter. Tobam purchased a new position in shares of Southern Copper in the second quarter worth about $29,000. United Community Bank purchased a new position in Southern Copper in the 3rd quarter worth approximately $30,000. Finally, Westside Investment Management Inc. bought a new stake in Southern Copper during the 2nd quarter valued at $32,000. 7.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on SCCO shares. Wall Street Zen cut Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Morgan Stanley restated an “underweight” rating and issued a $154.69 price objective on shares of Southern Copper in a report on Friday, January 30th. UBS Group reissued a “sell” rating and set a $148.74 price objective (up from $146.75) on shares of Southern Copper in a research report on Tuesday, February 3rd. HSBC reiterated a “hold” rating and set a $117.01 target price (up from $104.12) on shares of Southern Copper in a research note on Friday, October 17th. Finally, Citigroup reissued a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat, Southern Copper has a consensus rating of “Reduce” and an average target price of $136.49.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 403 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total value of $55,544.87. Following the completion of the sale, the director directly owned 1,275 shares in the company, valued at $175,731.28. This trade represents a 24.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the completion of the sale, the director owned 605 shares of the company’s stock, valued at $126,783.04. This trade represents a 93.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.07% of the company’s stock.

Southern Copper Trading Up 4.0%

Shares of Southern Copper stock opened at $206.86 on Thursday. The firm has a market cap of $168.01 billion, a price-to-earnings ratio of 38.88, a PEG ratio of 1.63 and a beta of 1.07. The business has a 50-day moving average price of $166.10 and a 200-day moving average price of $133.21. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $218.81.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 10th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Tuesday, February 10th. Southern Copper’s payout ratio is 75.19%.

Southern Copper Profile

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.