BlackRock Fund Advisors recently announced the acquisition of new stake in Southern Copper Corporation (NYSE:SCCO). The institutional investor has increased its shareholding in the Basic Materials company by 9.74% to 5.58 million shares with purchase of 0.49 million shares. This fresh investment now brings its stake to 0.72% valued currently at $428.36 million. In addition, Mawer Investment Management Ltd. raised its holdings by 2.44 million to 2.76 million shares. And SSgA Funds Management, Inc. has lifted its position by 7.09% or 0.18 million shares – to 2.71 million shares.
With over 1.91 million Southern Copper Corporation (SCCO) shares trading Tuesday and a closing price of $66.66 on the day, the dollar volume was approximately $127.15 million. The shares have shown a positive half year performance of 14.89% and its price on 05/23/23 lost nearly -3.93%. Currently, there are 773.10M common shares owned by the public and among those 85.22M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for SCCO have a consensus price objective of $64.69. The analysts have set the share’s price value over the next 12 months at a high of $95.00 and a low of $43.00. The average price target is -5.18% below its recent price level and a downside to the estimated low will see the stock lose -55.02% over that period. But an upside of 29.83% will see the stock hit the forecast high price target while median target price for the stock is $64.00.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 12,400 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 1,500 shares.
The top 3 mutual fund holders in Southern Copper Corporation are Global X Copper Miners ETF, Stichting Pensioenfonds ABP, and iShares Core MSCI Emerging Market. Global X Copper Miners ETF owns 1.16 million shares of the company’s stock, all valued at over $89.22 million. Stichting Pensioenfonds ABP sold 75447.0 shares to see its total holdings shrink to 1.14 million shares valued at over $87.78 million and representing 0.15% of the shares outstanding. iShares Core MSCI Emerging Market bought 2443.0 shares to bring its total holdings to over 0.77 million shares at a value of $59.36 million. iShares Core MSCI Emerging Market now owns shares totaling to 0.10% of the shares outstanding.
Shares of Southern Copper Corporation (NYSE: SCCO) opened at $68.37, down -$1.02 from a prior closing price of $69.39. However, the script later moved the day high at 68.44, down -3.93%. The company’s stock has a 5-day price change of -4.00% and -9.56% over the past three months. SCCO shares are trading 10.38% year to date (YTD), with the 12-month market performance up to 12.87% higher. It has a 12-month low price of $42.42 and touched a high of $82.05 over the same period. SCCO has an average intraday trading volume of 1.24 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.86%, -10.74%, and 6.16% respectively.
Institutional ownership of Southern Copper Corporation (NYSE: SCCO) shares accounts for 7.30% of the company’s 773.10M shares outstanding. Mutual fund holders own 4.97%, while other institutional holders and individual stakeholders account for 88.98% and 2.98% respectively.
It has a market capitalization of $51.68B and a beta (3y monthly) value of 1.26. The stock’s trailing 12-month PE ratio is 19.32, while the earnings-per-share (ttm) stands at $3.45. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.25% over the week and 2.80% over the month.
Analysts forecast that Southern Copper Corporation (SCCO) will achieve an EPS of $0.85 for the current quarter, $0.93 for the next quarter and $4.43 for 2024. The lowest estimate earnings-per-share for the quarter is $0.74 while analysts give the company a high EPS estimate of $0.94. Comparatively, EPS for the current quarter was $0.56 a year ago. Earnings per share for the fiscal year are expected to decrease by -22.30%, and 17.64% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Southern Copper Corporation (SCCO) as a “Hold” at a consensus score of 3.50. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 7 of the 17 advise that investors “hold,” and 7 rated it as a “Sell.”
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