Chase Investment Counsel Corp acquired a new stake in Southern Copper Corporation (NYSE:SCCO – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,051 shares of the basic materials company’s stock, valued at approximately $705,000.
A number of other institutional investors also recently bought and sold shares of SCCO. California Public Employees Retirement System raised its holdings in shares of Southern Copper by 21.2% in the first quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock worth $33,126,000 after buying an additional 33,638 shares during the last quarter. US Bancorp DE grew its holdings in shares of Southern Copper by 16.2% during the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after buying an additional 10,360 shares during the last quarter. RFG Advisory LLC purchased a new stake in shares of Southern Copper during the fourth quarter valued at $1,147,000. Ashoka WhiteOak Capital Pte Ltd acquired a new position in shares of Southern Copper in the 4th quarter valued at $5,460,000. Finally, Precision Wealth Strategies LLC purchased a new position in Southern Copper in the 1st quarter worth $2,769,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.
Southern Copper Stock Down 0.1%
Shares of SCCO opened at $184.42 on Monday. 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 company has a market capitalization of $153.87 billion, a price-to-earnings ratio of 26.96, a PEG ratio of 1.58 and a beta of 1.11. The stock’s 50-day moving average price is $179.90 and its 200-day moving average price is $182.97.
Southern Copper Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is presently 64.33%.
Insider Activity
In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 711 shares of company stock valued at $133,247. Insiders own 0.07% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on SCCO. Morgan Stanley lifted their price target on Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. Scotiabank reiterated an “underperform” rating and issued a $138.34 price target (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Zacks Research lowered shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Finally, Wells Fargo & Company upped their price objective on shares of Southern Copper from $168.97 to $169.96 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $146.84.
Read Our Latest Stock Analysis on SCCO
Southern Copper Company 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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