Alaska Permanent Fund Corp Cuts Stock Holdings in Southern Copper Co. (NYSE:SCCO)

Alaska Permanent Fund Corp reduced its holdings in Southern Copper Co. (NYSE:SCCOFree Report) by 10.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,363 shares of the basic materials company’s stock after selling 9,500 shares during the period. Alaska Permanent Fund Corp’s holdings in Southern Copper were worth $8,454,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC grew its stake in shares of Southern Copper by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock worth $26,000 after buying an additional 151 shares in the last quarter. Viking Fund Management LLC bought a new stake in shares of Southern Copper in the 4th quarter worth about $31,000. Venturi Wealth Management LLC lifted its holdings in shares of Southern Copper by 164.8% in the 4th quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 300 shares during the last quarter. Washington Trust Advisors Inc. bought a new stake in shares of Southern Copper in the 4th quarter worth about $45,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Southern Copper in the 4th quarter worth about $61,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Performance

NYSE:SCCO traded up $2.61 during trading hours on Thursday, hitting $110.62. 423,609 shares of the company were exchanged, compared to its average volume of 1,214,377. The stock has a market capitalization of $86.41 billion, a price-to-earnings ratio of 35.90, a PEG ratio of 1.18 and a beta of 1.23. Southern Copper Co. has a 52-week low of $67.64 and a 52-week high of $129.79. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.31 and a quick ratio of 2.56. The company’s 50 day moving average price is $115.22 and its 200-day moving average price is $97.09.

Southern Copper (NYSE:SCCOGet Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.17. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. Southern Copper had a net margin of 24.20% and a return on equity of 30.44%. As a group, research analysts forecast that Southern Copper Co. will post 4.22 earnings per share for the current year.

Southern Copper Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Wednesday, May 8th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date was Tuesday, May 7th. Southern Copper’s dividend payout ratio is presently 1.33%.

Insiders Place Their Bets

In other Southern Copper news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of Southern Copper stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $118.30, for a total transaction of $425,880.00. Following the completion of the sale, the director now directly owns 2,214 shares in the company, valued at approximately $261,916.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Southern Copper news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of Southern Copper stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $118.30, for a total transaction of $425,880.00. Following the completion of the sale, the director now directly owns 2,214 shares in the company, valued at approximately $261,916.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bonilla Luis Miguel Palomino sold 300 shares of Southern Copper stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $118.50, for a total transaction of $35,550.00. Following the sale, the director now owns 4,614 shares of the company’s stock, valued at $546,759. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,100 shares of company stock valued at $483,450. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several analyst reports. Morgan Stanley raised their target price on shares of Southern Copper from $123.00 to $135.00 and gave the stock an “underweight” rating in a report on Tuesday, April 30th. The Goldman Sachs Group raised their target price on shares of Southern Copper from $61.00 to $82.00 and gave the stock a “sell” rating in a report on Friday, March 22nd. Scotiabank lowered their target price on shares of Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a report on Tuesday, May 21st. StockNews.com upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. Finally, Jefferies Financial Group upgraded shares of Southern Copper from a “hold” rating to a “buy” rating and lifted their price objective for the company from $91.00 to $130.00 in a report on Friday, March 22nd. Five research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Southern Copper presently has an average rating of “Hold” and a consensus target price of $90.33.

Read Our Latest Analysis on Southern Copper

Southern Copper Profile

(Free Report)

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.

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

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