Look For Institutional Buying In Southern Copper Corporation (NYSE: SCCO)

FIL Investment Advisors has recently announced that it has increased stake in Southern Copper Corporation (NYSE:SCCO) by 84.21%. After grabbing 5.41 million shares, the institutional investor is now in possession of 2.47 million shares of the Basic Materials Company. The new investment brought the stake of investor firm to 0.70% having worth around $398.87 million. Moreover, SSgA Funds Management, Inc. increased its share by 0.18 million to have a control over 2.71 million shares. And Global X Management Co. LLC raised its holdings to 17354.0 shares by acquiring 1.42 million shares or 0.18% of the stake.

Southern Copper Corporation (SCCO) concluded trading on 03/15/23 at a closing price of $68.06, with 2.41 million shares of worth about $164.2 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 41.17% during that period and on Wednesday the price saw a loss of about -7.79%. Currently the company’s common shares owned by public are about 773.10M shares, out of which, 85.22M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 18 analysts are covering the SCCO stock and their offered price forecasts bring an average price target of $59.75. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $80.00 and could fall to a lowest price of $43.00. The stock’s current price level is -15.93% below of average price target set by the analysts, while a dip to estimated low would result in loss of -58.28% for the stock. However, touching the estimated high of $80.00 would mean a gain of 14.92% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 22 times over the past 12 months. They bought 8,800 shares in 22 of the transactions. In 0 selling transactions, insiders dumped 0 shares.

Global X Copper Miners ETF, Stichting Pensioenfonds ABP, and T. Rowe Price All-Cap Opportuniti are the top 3 mutual funds which are holding stakes in Southern Copper Corporation Global X Copper Miners ETF is currently holding 1.42 million shares of worth totaling $104.32 million. The company recently came buying 0.0 shares which brought its stake up to 0.18% of the company’s outstanding shares. Stichting Pensioenfonds ABP sold 75447.0 shares, after which its hold over company’s outstanding shares shrunk to 0.15%, leaving 1.14 million shares with the mutual fund that have a worth of about $84.19 million. T. Rowe Price All-Cap Opportuniti, after buying 0.99 million shares, have now control over 0.13% of the stake in the company. It holds 0.34 million shares of worth $72.95 million.

Southern Copper Corporation (NYSE: SCCO) started trading at $70.82, below -$2.99 from concluding price of the previous day. However, the stock later moved at a day high price of 71.12, or with a loss of -7.79%. Stock saw a price change of -9.14% in past 5 days and over the past one month there was a price change of -7.68%. Year-to-date (YTD), SCCO shares are showing a performance of 12.70% which decreased to -2.11% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $42.42 but also hit the highest price of $79.32 during that period. The average intraday trading volume for Southern Copper Corporation shares is 1.33 million. The stock is currently trading -8.30% below its 20-day simple moving average (SMA20), while that difference is down -7.31% for SMA50 and it goes to 18.16% higher than SMA200.

FIL Investment Advisors acquired 5.41 million shares of Southern Copper Corporation having value of about $398.87 million. Data submitted at the U.S SEC by FIL Investment Advisors revealed that the firm now holds 2.47 million shares in the company valued at close to $168410658.64, or have control over 84.21% stake in the company. Southern Copper Corporation (NYSE: SCCO) currently have 773.10M outstanding shares and institutions hold larger chunk of about 7.30% of that. Holding of mutual funds in the company is about 4.82% while other institutional holders and individual stake holders have control over 88.98% and 2.97% of the stake respectively.

The stock has a current market capitalization of $53.32B and its 3Y-monthly beta is at 1.24. PE ratio of stock for trailing 12 months is 19.94, while it has posted earnings per share of $3.41 in the same period. It has Quick Ratio of 3.40 while making debt-to-equity ratio of 0.77. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for SCCO, volatility over the week remained 3.93% while standing at 3.16% over the month.

Analysts are in expectations that Southern Copper Corporation (SCCO) stock would likely to be making an EPS of $0.92 in the current quarter, while forecast for next quarter EPS is $0.84 and it is $3.29 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.72 which is $1.17 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.08 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -22.30% while it is estimated to increase by 21.24% in next year. EPS is likely to shrink at an annualized rate of -7.18% for next 5-years, compared to annual growth of 11.70% made by the stock over the past 5-years.

Coverage by Deutsche Bank stated Southern Copper Corporation (SCCO) stock as a Sell in their note to investors on November 23, 2022, suggesting a price target of $45 for the stock. On November 08, 2022, Morgan Stanley Upgrade their recommendations, while on September 16, 2022, Morgan Stanley Upgrade their ratings for the stock with a price target of $55. Stock get a Hold rating from Deutsche Bank on September 14, 2022.