Andra AP fonden Purchases 69,620 Shares of Southern Copper Corporation $SCCO

Andra AP fonden grew its position in shares of Southern Copper Corporation (NYSE:SCCO) by 2,439.4% in the first quarter, Holdings Channel reports. The fund owned 72,474 shares of the basic materials company’s stock after buying an additional 69,620 shares during the quarter. Andra AP fonden’s holdings in Southern Copper were worth $12,470,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Royal Bank of Canada grew its position in Southern Copper by 42.1% in the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares in the last quarter. Empowered Funds LLC raised its position in Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares during the period. Focus Partners Wealth lifted its stake in shares of Southern Copper by 21.5% in the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Southern Copper by 37.4% in the 2nd quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after purchasing an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in shares of Southern Copper by 17.7% in the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after purchasing an additional 731 shares during the period. Institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Morgan Stanley boosted their target price on Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a research report on Wednesday, July 8th. Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th. The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a research report on Friday, April 10th. UBS Group reissued a “sell” rating and issued a $160.00 target price (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. Finally, Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and seven have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $148.10.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the sale, the director owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 404 shares of company stock valued at $74,108. Company insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

SCCO opened at $187.92 on Wednesday. The business has a fifty day moving average of $180.76 and a 200 day moving average of $182.80. The stock has a market cap of $155.24 billion, a P/E ratio of 31.06, a PEG ratio of 1.50 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88.

Shares of Southern Copper are scheduled to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be payable to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.3%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is 72.73%.

Southern Copper Company 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.