Southern Copper Corporation $SCCO Shares Purchased by Drive Wealth Management LLC

Drive Wealth Management LLC increased its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 5.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. Jacobs Levy Equity Management Inc. purchased a new position in shares of Southern Copper during the first quarter worth $40,338,000. Nuveen LLC acquired a new position in Southern Copper during the 1st quarter worth about $34,086,000. JPMorgan Chase & Co. boosted its holdings in Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock valued at $145,039,000 after acquiring an additional 322,935 shares during the period. Jennison Associates LLC acquired a new position in Southern Copper in the 1st quarter valued at about $25,739,000. Finally, Strs Ohio purchased a new stake in Southern Copper during the first quarter worth about $15,382,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. HSBC reissued a “hold” rating and issued a $118.00 price objective (up previously from $105.00) on shares of Southern Copper in a research note on Friday. UBS Group reissued a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Citigroup reaffirmed a “sell” rating and set a $108.00 price objective (up previously from $89.10) on shares of Southern Copper in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Southern Copper in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their target price on Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $110.78.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the sale, the director owned 2,327 shares of the company’s stock, valued at approximately $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 1,228 shares of company stock valued at $123,102. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Southern Copper stock opened at $135.09 on Tuesday. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The company has a fifty day simple moving average of $110.84 and a 200-day simple moving average of $99.75. The stock has a market cap of $108.62 billion, a P/E ratio of 29.56, a price-to-earnings-growth ratio of 1.25 and a beta of 1.02. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $136.49.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were given a dividend of $1.01 per share. 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 currently 70.02%.

Southern Copper Company 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.