Paragon Financial Partners Inc. acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,936 shares of the basic materials company’s stock, valued at approximately $902,000. Southern Copper accounts for approximately 0.5% of Paragon Financial Partners Inc.’s investment portfolio, making the stock its 29th biggest position.
Several other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after buying an additional 13,293 shares in the last quarter. Empowered Funds LLC increased its holdings in Southern Copper by 17.9% in the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after buying an additional 1,020 shares in the last quarter. Focus Partners Wealth raised its position in shares of Southern Copper by 21.5% in the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after acquiring an additional 1,052 shares during the period. First Trust Advisors LP raised its position in shares of Southern Copper by 37.4% in the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock worth $7,424,000 after acquiring an additional 19,957 shares during the period. Finally, Baird Financial Group Inc. boosted its stake in shares of Southern Copper by 17.7% during the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after acquiring an additional 731 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.
Southern Copper Stock Up 4.3%
SCCO stock opened at $192.54 on Tuesday. Southern Copper Corporation has a 52 week low of $92.57 and a 52 week high of $223.88. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The firm has a 50-day simple moving average of $180.38 and a 200-day simple moving average of $182.99. The stock has a market capitalization of $160.64 billion, a P/E ratio of 28.15, a P/E/G ratio of 1.58 and a beta of 1.11.
Southern Copper Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.
Insider Transactions at Southern Copper
In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the sale, the director directly owned 1,723 shares of the company’s stock, valued at $339,066.65. This trade represents a 10.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 711 shares of company stock valued at $133,247. 0.07% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of research firms have recently commented on SCCO. JPMorgan Chase & Co. raised their target price on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research report on Wednesday, June 17th. Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. Citigroup reiterated a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. Barclays set a $164.03 price objective on Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Finally, CICC Research downgraded Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $146.84.
Read Our Latest Report on SCCO
About Southern Copper
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
Further Reading
- Five stocks we like better than Southern Copper
- Commodities Are Booming, But These 3 ETFs Tell Different Stories
- 3 Active ETFs Making Big Moves in August
- This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem
- Birkenstock Beats the Skeptics—But Not on EPS
Receive News & Ratings for Southern Copper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southern Copper and related companies with MarketBeat.com's FREE daily email newsletter.
