California Public Employees Retirement System Buys 33,638 Shares of Southern Copper Corporation $SCCO

California Public Employees Retirement System increased its stake in Southern Copper Corporation (NYSE:SCCO) by 21.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 192,523 shares of the basic materials company’s stock after acquiring an additional 33,638 shares during the quarter. California Public Employees Retirement System’s holdings in Southern Copper were worth $33,126,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. National Wealth Management Group LLC bought a new position in Southern Copper during the 4th quarter worth approximately $1,281,000. Nordea Investment Management AB boosted its stake in shares of Southern Copper by 74.0% in the 4th quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock valued at $37,142,000 after purchasing an additional 109,857 shares during the last quarter. Savvy Advisors Inc. bought a new stake in shares of Southern Copper in the 4th quarter valued at $1,434,000. Oak Harvest Investment Services acquired a new stake in shares of Southern Copper during the fourth quarter worth $7,650,000. Finally, US Bancorp DE increased its position in shares of Southern Copper by 16.2% during the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after buying an additional 10,360 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SCCO has been the topic of several recent analyst reports. Citigroup restated a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. Barclays reiterated an “underweight” rating and set a $160.00 price target (up from $148.00) on shares of Southern Copper in a report on Wednesday, July 15th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a research note on Friday, April 10th. Finally, JPMorgan Chase & Co. raised their target price on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and an average price target of $148.10.

Southern Copper Stock Up 7.3%

Shares of NYSE SCCO opened at $187.92 on Wednesday. The firm has a market cap of $155.24 billion, a PE ratio of 31.06, a P/E/G ratio of 1.50 and a beta of 1.11. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The company’s fifty day simple moving average is $180.76 and its 200 day simple moving average is $182.80. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

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

Southern Copper Increases Dividend

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

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction on 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 approximately $321,320.74. The trade was a 9.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 404 shares of company stock valued at $74,108. Company insiders own 0.07% of the company’s stock.

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.