Itau Unibanco Holding S.A. Takes $31,000 Position in Southern Copper Co. (NYSE:SCCO)

Itau Unibanco Holding S.A. purchased a new position in Southern Copper Co. (NYSE:SCCO) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 290 shares of the basic materials company’s stock, valued at approximately $31,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norden Group LLC acquired a new position in Southern Copper during the 1st quarter worth $1,820,000. Los Angeles Capital Management LLC grew its stake in Southern Copper by 471.0% in the first quarter. Los Angeles Capital Management LLC now owns 31,655 shares of the basic materials company’s stock worth $3,372,000 after purchasing an additional 26,111 shares in the last quarter. Cetera Investment Advisers increased its holdings in Southern Copper by 395.1% in the first quarter. Cetera Investment Advisers now owns 38,803 shares of the basic materials company’s stock valued at $4,133,000 after buying an additional 30,966 shares during the last quarter. Corient Private Wealth LLC increased its holdings in Southern Copper by 149.6% in the fourth quarter. Corient Private Wealth LLC now owns 50,057 shares of the basic materials company’s stock valued at $4,308,000 after buying an additional 29,999 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Southern Copper by 1.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock worth $87,306,000 after buying an additional 18,883 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley lifted their target price on Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a research report on Thursday. UBS Group started coverage on shares of Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective for the company. Five analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $89.57.

Southern Copper Trading Down 1.2 %

NYSE:SCCO opened at $103.60 on Monday. The firm has a market capitalization of $80.93 billion, a P/E ratio of 34.43, a P/E/G ratio of 1.02 and a beta of 1.17. The business has a 50 day simple moving average of $101.92 and a 200 day simple moving average of $107.99. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.81 and a quick ratio of 2.27. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.09. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $2.96 billion. Equities research analysts predict that Southern Copper Co. will post 4.33 EPS for the current year.

Southern Copper Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, August 9th. Southern Copper’s payout ratio is 79.77%.

About Southern Copper

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.