Acadian Asset Management LLC Makes New Investment in Southern Copper Co. (NYSE:SCCO)

Acadian Asset Management LLC bought a new position in shares of Southern Copper Co. (NYSE:SCCO) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 14,187 shares of the basic materials company’s stock, valued at approximately $1,526,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. Capital World Investors acquired a new stake in shares of Southern Copper in the 1st quarter worth approximately $340,373,000. Price T Rowe Associates Inc. MD lifted its stake in Southern Copper by 18.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company’s stock valued at $827,804,000 after buying an additional 1,192,111 shares in the last quarter. Norges Bank purchased a new stake in Southern Copper in the 4th quarter valued at approximately $71,802,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Southern Copper by 54.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock valued at $164,190,000 after buying an additional 544,312 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Southern Copper by 1,300.4% in the 2nd quarter. Los Angeles Capital Management LLC now owns 443,285 shares of the basic materials company’s stock valued at $47,760,000 after buying an additional 411,630 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Trading Up 0.7 %

Shares of Southern Copper stock opened at $98.69 on Monday. Southern Copper Co. has a fifty-two week low of $68.93 and a fifty-two week high of $129.79. The firm has a market cap of $77.09 billion, a PE ratio of 32.79, a P/E/G ratio of 0.99 and a beta of 1.17. The business’s fifty day moving average is $103.30 and its two-hundred day moving average is $107.26. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 0.67.

Southern Copper (NYSE:SCCO) last issued its earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.09. The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $2.96 billion. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. Analysts anticipate that Southern Copper Co. will post 4.33 earnings per share for the current year.

Southern Copper Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Friday, August 9th. Southern Copper’s dividend payout ratio (DPR) is currently 79.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. UBS Group assumed coverage on Southern Copper in a research note on Friday, July 12th. They issued a “neutral” rating and a $120.00 target price on the stock. Morgan Stanley upped their target price on Southern Copper from $81.70 to $100.00 and gave the company an “underweight” rating in a research note on Friday, June 21st. Finally, Scotiabank reduced their price target on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating on the stock in a research note on Tuesday, May 21st. Five equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Southern Copper presently has an average rating of “Hold” and a consensus target price of $89.57.

Southern Copper Company Profile

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.