Equitable Holdings Inc. bought a new position in Southern Copper Corporation (NYSE:SCCO – Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,900 shares of the basic materials company’s stock, valued at approximately $505,000.
Several other institutional investors have also modified their holdings of SCCO. SHP Wealth Management acquired a new stake in Southern Copper during the fourth quarter worth about $25,000. Bell Investment Advisors Inc acquired a new position in Southern Copper in the 2nd quarter valued at about $26,000. Rakuten Securities Inc. acquired a new position in Southern Copper in the 2nd quarter valued at about $28,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Southern Copper in the 4th quarter valued at approximately $29,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Southern Copper in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.
Analyst Upgrades and Downgrades
SCCO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a report on Wednesday, June 17th. Weiss Ratings upgraded Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. UBS Group reiterated a “sell” rating and set a $158.10 price target (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Finally, Barclays set a $164.03 price objective on Southern Copper and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $146.84.
Insider Transactions at Southern Copper
In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director directly owned 1,723 shares in the company, 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 SEC, which is available through this link. Over the last quarter, insiders sold 509 shares of company stock worth $97,753. 0.07% of the stock is currently owned by corporate insiders.
Southern Copper Stock Up 0.8%
Shares of NYSE SCCO opened at $211.58 on Monday. The firm has a market cap of $176.53 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 1.80 and a beta of 1.11. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. Southern Copper Corporation has a 52-week low of $92.94 and a 52-week high of $223.88. The business’s 50 day moving average is $184.67 and its two-hundred day moving average is $183.78.
Southern Copper (NYSE:SCCO – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. The firm’s quarterly revenue was up 40.6% on a year-over-year basis. Research analysts predict that Southern Copper Corporation will post 7.61 EPS for the current year.
Southern Copper Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is currently 64.33%.
Southern Copper Profile
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.
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