21,910 Shares in Southern Copper Co. (NYSE:SCCO) Bought by Magnetar Financial LLC

Magnetar Financial LLC purchased a new position in Southern Copper Co. (NYSE:SCCO) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 21,910 shares of the basic materials company’s stock, valued at approximately $2,361,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norden Group LLC purchased a new stake in Southern Copper in the first quarter worth $1,820,000. Los Angeles Capital Management LLC raised its holdings 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 raised 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 worth $4,133,000 after purchasing an additional 30,966 shares in the last quarter. Corient Private Wealth LLC raised 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 worth $4,308,000 after purchasing an additional 29,999 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Southern Copper by 1.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock worth $87,306,000 after purchasing an additional 18,883 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several analyst reports. Morgan Stanley raised their price target on Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. UBS Group initiated coverage on Southern Copper in a report on Friday, July 12th. They set a “neutral” rating and a $120.00 price target for the company. 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’s stock. According to MarketBeat, Southern Copper presently has an average rating of “Hold” and an average price target of $89.57.

Southern Copper Trading Up 2.4 %

Shares of NYSE:SCCO opened at $106.07 on Tuesday. The stock has a market capitalization of $82.86 billion, a price-to-earnings ratio of 35.24, a PEG ratio of 1.02 and a beta of 1.17. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81. The stock’s 50-day simple moving average is $101.79 and its two-hundred day simple moving average is $108.14. Southern Copper Co. has a 52-week low of $68.93 and a 52-week high of $129.79.

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

Southern Copper Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, August 9th. Southern Copper’s dividend payout ratio (DPR) is presently 79.73%.

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.