SCP Investment LP Makes New $488,000 Investment in Southern Copper Corporation $SCCO

SCP Investment LP acquired a new position in Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,819 shares of the basic materials company’s stock, valued at approximately $488,000.

Other large investors have also recently bought and sold shares of the company. Choreo LLC lifted its holdings in shares of Southern Copper by 18.8% in the second quarter. Choreo LLC now owns 3,159 shares of the basic materials company’s stock valued at $320,000 after buying an additional 500 shares during the period. Viawealth LLC boosted its position in shares of Southern Copper by 8.5% during the 2nd quarter. Viawealth LLC now owns 4,451 shares of the basic materials company’s stock valued at $450,000 after purchasing an additional 347 shares in the last quarter. J.W. Cole Advisors Inc. grew its stake in shares of Southern Copper by 13.9% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 4,058 shares of the basic materials company’s stock worth $411,000 after purchasing an additional 496 shares during the last quarter. Laurel Wealth Advisors LLC bought a new stake in shares of Southern Copper in the 2nd quarter worth approximately $471,000. Finally, XTX Topco Ltd lifted its stake in Southern Copper by 111.9% during the second quarter. XTX Topco Ltd now owns 26,699 shares of the basic materials company’s stock valued at $2,701,000 after purchasing an additional 14,099 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Stock Up 3.1%

SCCO opened at $133.17 on Thursday. The company has a market capitalization of $108.16 billion, a PE ratio of 27.92, a price-to-earnings-growth ratio of 1.29 and a beta of 1.08. The business has a 50-day moving average of $128.47 and a 200-day moving average of $108.24. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $144.81. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51.

Southern Copper (NYSE:SCCO) last posted its earnings results on Friday, October 31st. The basic materials company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.26 by $0.09. The firm had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.05 billion. Southern Copper had a net margin of 30.98% and a return on equity of 39.62%. Equities research analysts forecast that Southern Copper Corporation will post 4.66 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Wednesday, November 12th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, November 12th. Southern Copper’s dividend payout ratio is currently 75.47%.

Analyst Upgrades and Downgrades

SCCO has been the topic of several recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Southern Copper in a report on Tuesday. Jefferies Financial Group set a $155.00 price objective on shares of Southern Copper and gave the stock a “buy” rating in a research note on Monday, October 6th. Wells Fargo & Company boosted their target price on shares of Southern Copper from $121.00 to $137.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Finally, Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Southern Copper presently has an average rating of “Hold” and a consensus price target of $117.94.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction on Friday, October 31st. The shares were sold at an average price of $139.35, for a total value of $27,870.00. Following the transaction, the director owned 1,713 shares in the company, valued at $238,706.55. This trade represents a 10.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 962 shares of company stock valued at $118,232. Company insiders own 0.07% of the company’s stock.

About Southern Copper

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.