Global Retirement Partners LLC Acquires Shares of 3,399 Southern Copper Corporation $SCCO

Global Retirement Partners LLC acquired a new stake in shares of Southern Copper Corporation (NYSE:SCCO) in the second quarter, HoldingsChannel.com reports. The fund acquired 3,399 shares of the basic materials company’s stock, valued at approximately $592,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Intech Investment Management LLC increased its stake in shares of Southern Copper by 0.8% in the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock worth $865,000 after buying an additional 50 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Southern Copper by 0.8% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock worth $871,000 after acquiring an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC grew its holdings in Southern Copper by 1.8% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock worth $417,000 after acquiring an additional 52 shares during the last quarter. Ensign Peak Advisors Inc increased its position in shares of Southern Copper by 0.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after acquiring an additional 53 shares during the period. Finally, Venture Visionary Partners LLC increased its position in shares of Southern Copper by 0.8% in the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock valued at $1,004,000 after acquiring an additional 53 shares during the period. Institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SCCO shares. JPMorgan Chase & Co. increased their target price on shares of Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Wells Fargo & Company boosted their price target on Southern Copper from $168.97 to $169.96 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Morgan Stanley upped their price target on Southern Copper from $144.27 to $156.13 and gave the company an “underweight” rating in a research report on Wednesday, July 8th. Zacks Research cut Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Finally, Barclays set a $164.03 price objective on Southern Copper and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $146.84.

Insider Buying and Selling

In other 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 transaction of $39,751.28. Following the sale, the director owned 1,723 shares in the company, valued at $339,066.65. This represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 711 shares of company stock worth $133,247. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Trading Down 2.2%

NYSE:SCCO opened at $187.81 on Wednesday. The company has a 50-day moving average price of $180.68 and a 200-day moving average price of $182.94. Southern Copper Corporation has a 12 month low of $92.57 and a 12 month high of $223.88. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The stock has a market cap of $156.70 billion, a price-to-earnings ratio of 27.46, a P/E/G ratio of 1.58 and a beta of 1.11.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.06. The company had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company’s revenue was up 40.6% on a year-over-year basis. Equities analysts predict that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.3%. Southern Copper’s payout ratio is currently 64.33%.

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.