Drive Wealth Management LLC Increases Stock Position in Southern Copper Corporation $SCCO

Drive Wealth Management LLC raised its stake in Southern Copper Corporation (NYSE:SCCO) by 5.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,504 shares of the basic materials company’s stock after purchasing an additional 121 shares during the period. Drive Wealth Management LLC’s holdings in Southern Copper were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in SCCO. Cullen Frost Bankers Inc. lifted its holdings in shares of Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 147 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Southern Copper during the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in Southern Copper in the first quarter valued at approximately $34,000. Quarry LP acquired a new stake in shares of Southern Copper in the first quarter valued at approximately $41,000. Finally, Hilltop National Bank purchased a new position in shares of Southern Copper during the second quarter worth approximately $53,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Trading Up 4.1%

NYSE SCCO opened at $135.09 on Tuesday. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $108.62 billion, a P/E ratio of 29.56, a P/E/G ratio of 1.25 and a beta of 1.02. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $136.49. The firm has a 50-day moving average price of $110.84 and a 200 day moving average price of $99.75.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were issued a $1.01 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $4.04 annualized dividend and a dividend yield of 3.0%. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. Southern Copper’s payout ratio is 70.02%.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director owned 2,327 shares of the company’s stock, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 1,228 shares of company stock valued at $123,102 in the last quarter. 0.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on SCCO. Weiss Ratings reiterated a “buy (b-)” rating on shares of Southern Copper in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Southern Copper from $79.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, September 3rd. Morgan Stanley set a $132.00 target price on shares of Southern Copper and gave the stock an “equal weight” rating in a research note on Wednesday, October 8th. UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a research note on Friday, September 19th. Finally, Citigroup reaffirmed a “sell” rating and set a $108.00 price objective (up from $89.10) on shares of Southern Copper in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Southern Copper currently has a consensus rating of “Reduce” and an average target price of $110.78.

Southern Copper 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.