Empowered Funds LLC Invests $4.84 Million in Southern Copper Corporation $SCCO

Empowered Funds LLC acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 27,767 shares of the basic materials company’s stock, valued at approximately $4,839,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SCCO. Bell Investment Advisors Inc bought a new position in Southern Copper during the second quarter worth about $26,000. Rakuten Securities Inc. acquired a new position in shares of Southern Copper during the 2nd quarter worth about $28,000. SHP Wealth Management bought a new stake in shares of Southern Copper in the 4th quarter valued at about $25,000. Lloyd Advisory Services LLC. bought a new stake in shares of Southern Copper in the 4th quarter valued at about $29,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Southern Copper in the 4th quarter valued at approximately $29,000. Institutional investors own 7.94% of the company’s stock.

Southern Copper Price Performance

NYSE SCCO opened at $209.09 on Tuesday. 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 market cap of $174.45 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 1.80 and a beta of 1.11. The business has a 50 day simple moving average of $185.12 and a 200 day simple moving average of $183.86. Southern Copper Corporation has a 52-week low of $92.94 and a 52-week high of $223.88.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating 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 company’s revenue was up 40.6% on a year-over-year basis. Analysts anticipate that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 11th. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SCCO shares. Barclays set a $164.03 price objective on shares of Southern Copper and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wells Fargo & Company increased their target price on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Zacks Research lowered shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Three investment 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, the stock currently has a consensus rating of “Reduce” and a consensus price target of $146.84.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This represents a 10.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 408 shares of company stock worth $77,793. 0.07% of the stock is currently owned by corporate insiders.

Southern Copper 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.