Advocate Group LLC Raises Holdings in Southern Copper Corporation $SCCO

Advocate Group LLC grew its position in Southern Copper Corporation (NYSE:SCCO) by 1.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,734 shares of the basic materials company’s stock after buying an additional 358 shares during the quarter. Advocate Group LLC’s holdings in Southern Copper were worth $3,818,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Southern Copper by 26.3% in the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after buying an additional 322,935 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Southern Copper by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company’s stock worth $130,718,000 after acquiring an additional 44,014 shares in the last quarter. Driehaus Capital Management LLC raised its position in shares of Southern Copper by 2.9% in the 1st quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company’s stock worth $98,982,000 after acquiring an additional 30,232 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Southern Copper by 5.3% in the 1st quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company’s stock worth $85,595,000 after acquiring an additional 45,691 shares in the last quarter. Finally, Empower Advisory Group LLC raised its position in shares of Southern Copper by 17.0% in the 1st quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company’s stock worth $84,509,000 after acquiring an additional 131,156 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Trading Down 4.3%

Shares of NYSE:SCCO opened at $125.00 on Friday. The business’s 50-day moving average is $106.49 and its 200 day moving average is $97.97. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $136.49. The firm has a market capitalization of $100.51 billion, a P/E ratio of 27.35, a P/E/G ratio of 1.26 and a beta of 1.02. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors 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 yield of 3.2%. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. Southern Copper’s dividend payout ratio is currently 70.02%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SCCO. Jefferies Financial Group set a $155.00 price target on Southern Copper and gave the stock a “buy” rating in a research report on Monday, October 6th. UBS Group reissued a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. The Goldman Sachs Group set a $89.00 price target on Southern Copper and gave the stock a “sell” rating in a research report on Wednesday, September 17th. Citigroup reissued a “sell” rating and issued a $108.00 price target (up from $89.10) on shares of Southern Copper in a research report on Wednesday. Finally, Morgan Stanley set a $132.00 price target on Southern Copper and gave the stock an “equal weight” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $109.88.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’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 transaction, the director directly owned 2,327 shares of the company’s stock, valued at $232,700. This represents a 15.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 1,228 shares of company stock worth $123,102. Corporate insiders own 0.07% of the company’s stock.

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.