Skandinaviska Enskilda Banken AB publ Buys 6,118 Shares of Southern Copper Co. (NYSE:SCCO)

Posted by Defense World Staff on May 14th, 2023

Skandinaviska Enskilda Banken AB publ grew its stake in Southern Copper Co. (NYSE:SCCO – Get Rating) by 150.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,197 shares of the basic materials company’s stock after acquiring an additional 6,118 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Southern Copper were worth $616,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Janiczek Wealth Management LLC increased its stake in shares of Southern Copper by 24.1% in the 4th quarter. Janiczek Wealth Management LLC now owns 835 shares of the basic materials company’s stock valued at $63,000 after acquiring an additional 162 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of Southern Copper by 1.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 13,418 shares of the basic materials company’s stock valued at $810,000 after acquiring an additional 165 shares during the last quarter. Confluence Investment Management LLC increased its stake in shares of Southern Copper by 2.4% in the 4th quarter. Confluence Investment Management LLC now owns 7,233 shares of the basic materials company’s stock valued at $437,000 after acquiring an additional 167 shares during the last quarter. Moneda USA Inc. increased its stake in shares of Southern Copper by 0.9% in the 4th quarter. Moneda USA Inc. now owns 19,714 shares of the basic materials company’s stock valued at $1,194,000 after acquiring an additional 177 shares during the last quarter. Finally, Captrust Financial Advisors increased its stake in shares of Southern Copper by 4.6% in the 1st quarter. Captrust Financial Advisors now owns 4,488 shares of the basic materials company’s stock valued at $341,000 after acquiring an additional 196 shares during the last quarter. 7.03% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Andreve Vicente Ariztegui sold 1,500 shares of the stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $76.11, for a total value of $114,165.00. Following the completion of the sale, the director now owns 4,400 shares of the company’s stock, valued at approximately $334,884. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Bonilla Luis Miguel Palomino sold 500 shares of the stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $78.97, for a total value of $39,485.00. Following the completion of the sale, the director now owns 6,514 shares of the company’s stock, valued at approximately $514,410.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andreve Vicente Ariztegui sold 1,500 shares of the firm’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $76.11, for a total value of $114,165.00. Following the sale, the director now directly owns 4,400 shares of the company’s stock, valued at approximately $334,884. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,500 shares of company stock valued at $192,900. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on SCCO shares. The Goldman Sachs Group cut Southern Copper from a “neutral” rating to a “sell” rating and increased their target price for the stock from $65.00 to $66.00 in a research note on Tuesday, May 9th. StockNews.com cut Southern Copper from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 9th. UBS Group increased their target price on Southern Copper from $48.00 to $51.00 and gave the stock a “sell” rating in a research note on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft increased their target price on Southern Copper from $55.00 to $56.00 in a research note on Wednesday, May 3rd. Finally, Morgan Stanley cut Southern Copper from an “overweight” rating to an “equal weight” rating and set a $70.00 target price for the company. in a research note on Wednesday, March 29th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $62.29.

Southern Copper Trading Up 0.1 %

NYSE:SCCO opened at $69.49 on Friday. Southern Copper Co. has a twelve month low of $42.42 and a twelve month high of $82.05. The company has a quick ratio of 3.38, a current ratio of 4.17 and a debt-to-equity ratio of 0.76. The business has a 50 day moving average price of $75.17 and a two-hundred day moving average price of $68.68. The company has a market cap of $53.72 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 16.83 and a beta of 1.23.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 23rd. Stockholders of record on Tuesday, May 9th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.47%. The ex-dividend date is Monday, May 8th. Southern Copper’s payout ratio is presently 115.94%.

Southern Copper Company Profile

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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.