Rockefeller Capital Management L.P. grew its stake in Southern Copper Co. (NYSE:SCCO) by 974.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 55,954 shares of the basic materials company’s stock after purchasing an additional 50,744 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Southern Copper were worth $3,598,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of SCCO. WINTON GROUP Ltd raised its stake in Southern Copper by 1.3% during the second quarter. WINTON GROUP Ltd now owns 12,798 shares of the basic materials company’s stock worth $823,000 after acquiring an additional 168 shares during the period. Resources Investment Advisors LLC. acquired a new stake in Southern Copper during the second quarter worth about $285,000. Budros Ruhlin & Roe Inc. raised its stake in Southern Copper by 1.3% during the second quarter. Budros Ruhlin & Roe Inc. now owns 19,889 shares of the basic materials company’s stock worth $1,279,000 after acquiring an additional 251 shares during the period. Twin Capital Management Inc. acquired a new stake in Southern Copper during the second quarter worth about $995,000. Finally, Jaffetilchin Investment Partners LLC acquired a new stake in Southern Copper during the second quarter worth about $287,000. Institutional investors and hedge funds own 7.26% of the company’s stock.
Several research firms recently weighed in on SCCO. Barclays upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $57.00 to $55.00 in a research note on Thursday, July 8th. Zacks Investment Research cut shares of Southern Copper from a “strong-buy” rating to a “hold” rating and set a $68.00 target price for the company. in a research report on Tuesday, June 29th. Finally, HSBC upgraded shares of Southern Copper from a “reduce” rating to a “hold” rating and upped their target price for the stock from $67.00 to $68.50 in a research report on Thursday, July 15th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, Southern Copper presently has a consensus rating of “Hold” and an average price target of $65.30.
Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Monday, July 26th. The basic materials company reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.06. Southern Copper had a return on equity of 37.37% and a net margin of 28.18%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.83 billion. Sell-side analysts anticipate that Southern Copper Co. will post 4.51 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 26th. Stockholders of record on Thursday, August 12th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 6.09%. The ex-dividend date of this dividend was Wednesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $0.70. Southern Copper’s payout ratio is currently 177.34%.
In other news, Director Bonilla Luis Miguel Palomino sold 600 shares of the business’s stock in a transaction on Tuesday, August 10th. The stock was sold at an average price of $66.30, for a total transaction of $39,780.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.
About Southern Copper
Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations; Mexican Open-Pit Operations; and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.
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