Legal & General Group Plc Sells 54,673 Shares of Southern Copper Corporation $SCCO

by · The Cerbat Gem

Legal & General Group Plc lowered its position in Southern Copper Corporation (NYSE:SCCO – Free Report) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 901,251 shares of the basic materials company’s stock after selling 54,673 shares during the period. Legal & General Group Plc owned 0.11% of Southern Copper worth $129,302,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Lloyd Advisory Services LLC. acquired a new position in Southern Copper in the fourth quarter worth $29,000. Hopwood Financial Services Inc. acquired a new position in Southern Copper in the third quarter worth $25,000. IFP Advisors Inc boosted its stake in Southern Copper by 233.3% in the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 161 shares in the last quarter. Caitlin John LLC acquired a new position in Southern Copper in the third quarter worth $30,000. Finally, United Community Bank acquired a new position in Southern Copper in the third quarter worth $30,000. Institutional investors own 7.94% of the company’s stock.

Southern Copper Trading Up 4.1%

SCCO stock opened at $195.44 on Friday. The company has a market cap of $160.08 billion, a P/E ratio of 32.30, a PEG ratio of 1.85 and a beta of 1.07. Southern Copper Corporation has a twelve month low of $88.73 and a twelve month high of $223.88. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average of $178.52 and a 200-day moving average of $171.16.

Southern Copper (NYSE:SCCO – Get Free Report) last released its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.04. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%. As a group, equities research analysts expect that Southern Copper Corporation will post 6.93 EPS for the current year.

Southern Copper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, May 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. Southern Copper’s payout ratio is presently 66.12%.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was 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. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 500 shares of company stock worth $88,412 in the last ninety days. Insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Southern Copper in a research note on Friday, March 27th. Wells Fargo & Company set a $171.00 price objective on Southern Copper and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Bank of America lowered Southern Copper from a “neutral” rating to an “underperform” rating and boosted their price objective for the stock from $162.00 to $175.00 in a research note on Thursday, February 26th. JPMorgan Chase & Co. boosted their price objective on Southern Copper from $117.50 to $127.00 and gave the stock an “underweight” rating in a research note on Friday, April 10th. Finally, Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $145.14.

View Our Latest Report on SCCO

Southern Copper Company Profile

(Free Report)

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.

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