Element Capital Management LLC Takes $2.01 Million Position in Southern Copper Corporation $SCCO

Element Capital Management LLC acquired a new position in Southern Copper Corporation (NYSE:SCCO) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 14,022 shares of the basic materials company’s stock, valued at approximately $2,012,000. Southern Copper accounts for approximately 1.0% of Element Capital Management LLC’s investment portfolio, making the stock its 25th largest holding.

Several other large investors have also added to or reduced their stakes in SCCO. Royal Bank of Canada increased its stake in Southern Copper by 42.1% in the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after buying an additional 13,293 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after acquiring an additional 1,020 shares in the last quarter. Focus Partners Wealth increased 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 valued at $556,000 after acquiring an additional 1,052 shares during the last quarter. First Trust Advisors LP increased 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 valued at $7,424,000 after acquiring an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. raised its holdings in Southern Copper by 17.7% during the second 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. Institutional investors and hedge funds own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SCCO shares. JPMorgan Chase & Co. raised their price target on Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research note on Wednesday. Barclays started coverage on Southern Copper in a research report on Thursday, May 21st. They set an “underweight” rating and a $148.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Southern Copper in a report on Friday, March 27th. Scotiabank reissued an “underperform” rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a research note on Monday. Finally, UBS Group upped their price target on shares of Southern Copper from $140.00 to $145.00 and gave the stock a “sell” rating in a research report on Thursday, May 21st. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $145.94.

Southern Copper Price Performance

NYSE:SCCO opened at $191.52 on Thursday. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The firm has a market capitalization of $156.88 billion, a price-to-earnings ratio of 31.66, a P/E/G ratio of 1.83 and a beta of 1.09. The stock’s 50 day moving average price is $184.31 and its two-hundred day moving average price is $176.88. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.00 annualized dividend and a yield of 2.1%. Southern Copper’s dividend payout ratio (DPR) is currently 66.12%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director directly owned 1,807 shares in the company, valued at $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 404 shares of company stock worth $74,108 over the last three months. Insiders own 0.07% of the company’s stock.

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.