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Abacus FCF Advisors LLC purchased a new position in Southern Copper Corporation during the fourth quarter, according to its latest disclosure filed with the Securities and Exchange Commission. The firm bought 52,280 shares of the basic materials company’s stock, valued at approximately $7,501,000.
Other institutional investors and hedge funds also adjusted their positions in Southern Copper. Vanguard Group Inc. increased its stake by 3.6% in the fourth quarter, bringing its total to 983,822 shares valued at $141,149,000 after purchasing an additional 33,804 shares. Sava Infond d.o.o. raised its holding by 8.9%, to 24,383 shares valued at $3,498,000 after adding 1,988 shares. Dunhill Financial LLC increased its holdings by 26.0% to 2,174 shares worth $312,000, after buying 449 additional shares.
Concurrent Investment Advisors LLC purchased a new position worth about $219,000 during the fourth quarter. Cherokee Insurance Co increased its position by 0.8% to 11,968 shares valued at $1,717,000 after purchasing an additional 100 shares. Overall, 7.94% of Southern Copper’s stock is owned by institutional investors and hedge funds.
Southern Copper also saw insider selling activity. Director Bonilla Luis Miguel Palomino sold 193 shares on March 13 at an average price of $174.60, for total proceeds of $33,697.80. After the sale, the director owned 1,707 shares, valued at approximately $298,042.20. The transaction represented a 10.16% decrease in ownership.
Director Lerdo De Tejada Leon Contreras sold 9,326 shares on February 3 at an average price of $209.56, totaling $1,954,344.91. Following the sale, the director owned 605 shares valued at $126,783.04, a 93.91% decrease in ownership. In total, insiders sold 9,526 shares valued at $1,989,373 during the last quarter. Company insiders currently own 0.07% of the stock.
Analysts have issued mixed views on Southern Copper. Goldman Sachs raised the stock from “sell” to “neutral” and set a $178.00 target price. UBS lowered its target from $150.00 to $140.00 and maintained a “sell” rating. JPMorgan Chase lifted its target from $117.50 to $127.00 while keeping an “underweight” rating. Wall Street Zen upgraded the stock from “hold” to “buy.” Morgan Stanley increased its price target from $155.00 to $160.00 and kept an “underweight” rating.
Two analysts rate the stock as “Buy,” four as “Hold,” and seven as “Sell.” MarketBeat.com reports an average rating of “Reduce” with an average target price of $145.61.
Southern Copper shares were down 0.7% at the time of the report. The stock opened at $180.96 on Friday. The company’s 52-week range is $86.59 to $223.88. Financial ratios cited include a quick ratio of 3.40, a current ratio of 3.89, and a debt-to-equity ratio of 0.61.
Market and valuation metrics included a market capitalization of $148.22 billion, a price-to-earnings ratio of 34.01, a PEG ratio of 1.83, and a beta of 1.16. The 50-day simple moving average was $185.81 and the 200-day simple moving average was $163.46.
Southern Copper is scheduled to split its shares on the morning of Wednesday, May 13. The company announced a 1.01-for-1 split, with newly issued shares to be distributed after the close on Tuesday, May 12.
The company also disclosed a quarterly dividend of $1.00 per share, payable on Friday, May 29. Shareholders of record on Wednesday, May 13 will receive the dividend. The ex-dividend date is Wednesday, May 13. The dividend was described as representing an annualized $4.00 payout and a yield of 2.2%, with a dividend payout ratio of 75.19%.
Southern Copper reported quarterly results on Wednesday, January 28. The company posted earnings of $1.55 per share, slightly above the consensus estimate of $1.54 by $0.01. Net margin was reported at 32.30% and return on equity at 41.97%. Revenue for the quarter was $3.87 billion, compared with analysts’ expectations of $3.73 billion.
For the same quarter in the prior year, Southern Copper reported $0.98 earnings per share. Analysts expect the company to post 6.79 earnings per share for the current year.
Southern Copper Corporation (NYSE: SCCO) is an integrated copper producer with operations spanning exploration and mining through smelting, refining, and sales of copper and other metal products. The company produces copper concentrate and refined cathodes and recovers byproducts including molybdenum, silver, and zinc. Operations are concentrated in Peru and Mexico, where Southern Copper owns and operates multiple large-scale mining and processing facilities.
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