Mitsubishi UFJ Asset Management Co. Ltd. Invests $19.86 Million in Southern Copper Corporation $SCCO

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Southern Copper Corporation (NYSE:SCCO) during the second quarter, HoldingsChannel reports. The firm acquired 113,993 shares of the basic materials company’s stock, valued at approximately $19,864,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC lifted its stake in Southern Copper by 0.8% during the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock worth $865,000 after purchasing an additional 50 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Southern Copper by 0.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock valued at $871,000 after purchasing an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC increased its stake in Southern Copper by 1.8% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after purchasing an additional 52 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in Southern Copper by 0.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock worth $915,000 after purchasing an additional 53 shares in the last quarter. Finally, Venture Visionary Partners LLC raised its holdings in Southern Copper by 0.8% during the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock worth $1,004,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Price Performance

SCCO stock opened at $199.45 on Friday. The company has a market capitalization of $166.41 billion, a P/E ratio of 29.16, a PEG ratio of 1.67 and a beta of 1.11. Southern Copper Corporation has a twelve month low of $92.57 and a twelve month high of $223.88. The business has a 50 day simple moving average of $181.66 and a 200-day simple moving average of $182.97. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63.

Southern Copper (NYSE:SCCO) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm’s revenue was up 40.6% compared to the same quarter last year. As a group, equities analysts anticipate that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is 64.33%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of Southern Copper stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the transaction, the director directly owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 509 shares of company stock worth $97,753. Company insiders own 0.07% of the company’s stock.

Analyst Ratings Changes

SCCO has been the subject of several research analyst reports. UBS Group restated a “sell” rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Morgan Stanley lifted their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Wells Fargo & Company boosted their price target on shares of Southern Copper from $168.97 to $169.96 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Finally, CICC Research lowered Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $146.84.

About Southern Copper

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.