Employees Retirement System of Texas raised its stake in Southern Copper Corp (NYSE:SCCO) by 158.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 54,982 shares of the basic materials company’s stock after purchasing an additional 33,724 shares during the quarter. Employees Retirement System of Texas’ holdings in Southern Copper were worth $2,577,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SCCO. Piedmont Investment Advisors LLC bought a new stake in Southern Copper in the second quarter valued at approximately $122,000. Navellier & Associates Inc bought a new stake in Southern Copper in the second quarter valued at approximately $139,000. Gables Capital Management Inc. bought a new stake in Southern Copper in the first quarter valued at approximately $185,000. Altman Advisors Inc. bought a new stake in Southern Copper in the second quarter valued at approximately $204,000. Finally, Commerce Bank bought a new stake in Southern Copper in the first quarter valued at approximately $211,000. Hedge funds and other institutional investors own 7.50% of the company’s stock.

Shares of Southern Copper stock opened at $42.35 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.15 and a quick ratio of 2.15. Southern Copper Corp has a 52 week low of $38.34 and a 52 week high of $58.09.

Southern Copper (NYSE:SCCO) last announced its earnings results on Wednesday, August 1st. The basic materials company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.11). Southern Copper had a net margin of 13.78% and a return on equity of 15.50%. sell-side analysts forecast that Southern Copper Corp will post 2.42 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 21st. Investors of record on Wednesday, August 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend was Monday, August 6th. This is an increase from Southern Copper’s previous quarterly dividend of $0.30.

SCCO has been the subject of several recent research reports. Scotiabank set a $40.00 price objective on Southern Copper and gave the company a “sell” rating in a research report on Monday, August 6th. ValuEngine downgraded Southern Copper from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. JPMorgan Chase & Co. upgraded Southern Copper to a “sell” rating and set a $45.00 target price for the company in a report on Tuesday, June 5th. Finally, Berenberg Bank restated a “sell” rating and set a $39.00 target price on shares of Southern Copper in a report on Saturday, June 2nd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $47.31.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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 and lead.

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Institutional Ownership by Quarter for Southern Copper (NYSE:SCCO)

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