Balyasny Asset Management LLC Purchases Shares of 49,575 Southern Copper Corporation (SCCO)

Balyasny Asset Management LLC purchased a new stake in Southern Copper Corporation (NYSE:SCCO) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 49,575 shares of the basic materials company’s stock, valued at approximately $1,717,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in shares of Southern Copper Corporation by 114.5% in the 2nd quarter. Bessemer Group Inc. now owns 3,692 shares of the basic materials company’s stock valued at $128,000 after purchasing an additional 1,971 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Southern Copper Corporation in the 2nd quarter valued at $134,000. FNY Partners Fund LP acquired a new position in shares of Southern Copper Corporation in the 1st quarter valued at $145,000. Sit Investment Associates Inc. boosted its holdings in shares of Southern Copper Corporation by 68.8% in the 2nd quarter. Sit Investment Associates Inc. now owns 5,400 shares of the basic materials company’s stock valued at $187,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Southern Copper Corporation by 3.6% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,820 shares of the basic materials company’s stock valued at $202,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 6.05% of the company’s stock.

A number of equities analysts have weighed in on the stock. Cowen and Company reiterated a “hold” rating and issued a $39.00 price target on shares of Southern Copper Corporation in a report on Wednesday, July 19th. BidaskClub upgraded shares of Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. HSBC Holdings plc lowered shares of Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 target price on the stock. in a report on Wednesday, August 16th. FBR & Co reduced their target price on shares of Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, June 16th. Finally, Barclays PLC lifted their target price on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Southern Copper Corporation currently has a consensus rating of “Hold” and an average price target of $35.33.

WARNING: This piece was originally reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this piece on another domain, it was stolen and republished in violation of US & international trademark and copyright law. The legal version of this piece can be read at https://www.com-unik.info/2017/10/13/balyasny-asset-management-llc-purchases-shares-of-49575-southern-copper-corporation-scco.html.

In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 25,070 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $39.50, for a total value of $990,265.00. Following the completion of the sale, the chairman now directly owns 3,477,097 shares of the company’s stock, valued at approximately $137,345,331.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 900,670 shares of company stock valued at $35,575,771. Insiders own 0.53% of the company’s stock.

Shares of Southern Copper Corporation (NYSE:SCCO) opened at 42.46 on Friday. The company’s 50-day moving average is $40.42 and its 200 day moving average is $37.24. Southern Copper Corporation has a 1-year low of $25.94 and a 1-year high of $42.51. The stock has a market cap of $32.82 billion, a P/E ratio of 33.38 and a beta of 0.53.

About Southern Copper Corporation

Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.

Institutional Ownership by Quarter for Southern Copper Corporation (NYSE:SCCO)

What are top analysts saying about Southern Copper Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Southern Copper Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit