AGF Management Ltd. Sells 31,497 Shares of Southern Copper Co. (NYSE:SCCO)

AGF Management Ltd. lessened its stake in Southern Copper Co. (NYSE:SCCO) by 21.8% in the second quarter, HoldingsChannel reports. The fund owned 113,092 shares of the basic materials company’s stock after selling 31,497 shares during the period. AGF Management Ltd.’s holdings in Southern Copper were worth $12,185,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Blue Square Asset Management LLC lifted its position in Southern Copper by 44.6% in the second quarter. Blue Square Asset Management LLC now owns 36,238 shares of the basic materials company’s stock valued at $3,904,000 after purchasing an additional 11,184 shares during the last quarter. Seaview Investment Managers LLC increased its stake in shares of Southern Copper by 56.0% in the second quarter. Seaview Investment Managers LLC now owns 3,238 shares of the basic materials company’s stock worth $349,000 after buying an additional 1,162 shares during the period. Andra AP fonden increased its stake in shares of Southern Copper by 1.0% in the second quarter. Andra AP fonden now owns 147,821 shares of the basic materials company’s stock worth $15,926,000 after buying an additional 1,521 shares during the period. Choreo LLC bought a new stake in Southern Copper during the 2nd quarter valued at $286,000. Finally, Wedbush Securities Inc. boosted its position in Southern Copper by 29.7% during the 2nd quarter. Wedbush Securities Inc. now owns 6,125 shares of the basic materials company’s stock valued at $660,000 after buying an additional 1,403 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SCCO shares. Scotiabank reduced their price target on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating on the stock in a report on Tuesday, May 21st. UBS Group started coverage on Southern Copper in a research note on Friday, July 12th. They set a “neutral” rating and a $120.00 target price on the stock. Morgan Stanley raised their price target on Southern Copper from $81.70 to $100.00 and gave the stock an “underweight” rating in a research note on Friday, June 21st. Finally, StockNews.com raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Wednesday, May 15th. Five analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $89.57.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $96.44 on Thursday. Southern Copper Co. has a 12 month low of $68.93 and a 12 month high of $129.79. The firm has a market capitalization of $75.33 billion, a P/E ratio of 32.04, a P/E/G ratio of 0.96 and a beta of 1.17. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $104.03 and a two-hundred day simple moving average of $106.81.

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

Southern Copper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were paid a $0.60 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.49%. Southern Copper’s payout ratio is currently 79.73%.

Southern Copper Company Profile

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.