Chase Investment Counsel Corp Invests $705,000 in Southern Copper Corporation $SCCO

Chase Investment Counsel Corp purchased a new stake in shares of Southern Copper Corporation (NYSE:SCCO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,051 shares of the basic materials company’s stock, valued at approximately $705,000.

A number of other large investors have also recently modified their holdings of SCCO. California Public Employees Retirement System lifted its stake in 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 acquiring an additional 33,638 shares during the period. US Bancorp DE increased its position in Southern Copper by 16.2% during the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after purchasing an additional 10,360 shares during the period. RFG Advisory LLC purchased a new position in Southern Copper during the 4th quarter valued at about $1,147,000. Ashoka WhiteOak Capital Pte Ltd bought a new stake in shares of Southern Copper in the 4th quarter valued at about $5,460,000. Finally, Precision Wealth Strategies LLC bought a new stake in shares of Southern Copper in the 1st quarter valued at about $2,769,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 711 shares of company stock worth $133,247 over the last 90 days. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SCCO shares. Barclays set a $164.03 price target on shares of Southern Copper and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a report on Wednesday, June 17th. Citigroup reissued a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Zacks Research lowered Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Finally, CICC Research cut Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $146.84.

Southern Copper Stock Performance

SCCO stock opened at $184.42 on Monday. Southern Copper Corporation has a one year low of $92.57 and a one year high of $223.88. The firm has a market cap 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 company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The firm has a 50-day simple moving average of $179.90 and a two-hundred day simple moving average of $182.97.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) 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 the consensus estimate of $4.37 billion. The business’s revenue was up 40.6% on a year-over-year basis. On average, equities analysts forecast that Southern Copper Corporation will post 7.61 EPS 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 $1.10 dividend. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s dividend payout ratio is presently 64.33%.

About Southern Copper

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.