NewEdge Advisors LLC Reduces Stock Position in Southern Copper Corporation $SCCO

NewEdge Advisors LLC reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 18.1% in the first quarter, Holdings Channel.com reports. The fund owned 40,910 shares of the basic materials company’s stock after selling 9,018 shares during the period. NewEdge Advisors LLC’s holdings in Southern Copper were worth $7,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in Southern Copper by 42.1% in the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after purchasing an additional 13,293 shares during the period. Empowered Funds LLC boosted its position in Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after buying an additional 1,020 shares during the period. Focus Partners Wealth grew its stake in shares of Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after buying an additional 1,052 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after buying an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of Southern Copper by 17.7% in the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after buying an additional 731 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SCCO. Citigroup reissued a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Scotiabank reaffirmed an “underperform” rating and issued a $140.00 price target (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Zacks Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. Finally, CICC Research lowered Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat.com, Southern Copper has an average rating of “Reduce” and a consensus target price of $148.60.

Southern Copper Trading Up 1.1%

SCCO stock opened at $201.17 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a 1-year low of $92.57 and a 1-year high of $223.88. The business has a 50 day simple moving average of $181.97 and a two-hundred day simple moving average of $184.86. The company has a market capitalization of $167.84 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 1.71 and a beta of 1.11.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.95 by $0.06. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company’s revenue for the quarter was up 40.6% compared to the same quarter last year. Research analysts anticipate that Southern Copper Corporation will post 7.63 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed 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 of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Southern Copper’s payout ratio is currently 58.48%.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $199.15, for a total value of $39,830.00. Following the sale, the director directly owned 1,703 shares of the company’s stock, valued at approximately $339,152.45. The trade was a 10.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 804 shares of company stock worth $151,338 in the last ninety days. Company 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.