44,885 Shares in Southern Copper Corporation $SCCO Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. bought a new stake in Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, Holdings Channel.com reports. The fund bought 44,885 shares of the basic materials company’s stock, valued at approximately $7,822,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. SHP Wealth Management acquired a new position in Southern Copper during the fourth quarter worth $25,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper during the fourth quarter worth $29,000. Virtus Advisers LLC acquired a new stake in shares of Southern Copper in the fourth quarter valued at $29,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Southern Copper in the fourth quarter valued at $30,000. Finally, IFP Advisors Inc raised its holdings in shares of Southern Copper by 233.3% in the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock valued at $33,000 after buying an additional 161 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of SCCO opened at $184.42 on Friday. Southern Copper Corporation has a 1 year low of $92.57 and a 1 year high of $223.88. The stock has a market capitalization of $153.87 billion, a PE ratio of 26.96, a PEG ratio of 1.62 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The stock has a 50-day simple moving average of $179.90 and a 200-day simple moving average of $182.98.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. The firm’s revenue was up 40.6% compared to the same quarter last year. On average, analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.4%. Southern Copper’s dividend payout ratio (DPR) is presently 64.33%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SCCO shares. JPMorgan Chase & Co. increased their target price on Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a research note on Wednesday, June 17th. Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Wells Fargo & Company boosted their price target on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. UBS Group reissued a “sell” rating and set a $158.10 price target (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Finally, Barclays set a $164.03 price objective on shares of Southern Copper and gave the company an “underweight” rating in a research note on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat, Southern Copper has an average rating of “Reduce” and an average price target of $146.84.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the sale, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 711 shares of company stock worth $133,247. 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.