PDT Partners LLC Makes New $1.72 Million Investment in Southern Copper Corporation $SCCO

PDT Partners LLC 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 SEC. The institutional investor purchased 9,840 shares of the basic materials company’s stock, valued at approximately $1,715,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SHP Wealth Management bought a new position in shares of Southern Copper during the 4th quarter valued at approximately $25,000. Bell Investment Advisors Inc purchased a new position in shares of Southern Copper during the 2nd quarter valued at $26,000. Rakuten Securities Inc. bought a new position in Southern Copper in the 2nd quarter worth $28,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper in the fourth quarter valued at about $29,000. Finally, Virtus Advisers LLC bought a new position in shares of Southern Copper in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on SCCO shares. Weiss Ratings raised Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. UBS Group reiterated a “sell” rating and set a $158.10 price objective (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Scotiabank reissued an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. CICC Research lowered Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Finally, Barclays set a $164.03 target price on Southern Copper and gave the stock an “underweight” rating in a report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $146.84.

Southern Copper Stock Performance

Southern Copper stock opened at $213.68 on Thursday. 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 $92.94 and a 1-year high of $223.88. The firm has a market capitalization of $178.28 billion, a P/E ratio of 31.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company’s 50-day moving average is $183.73 and its 200 day moving average is $183.58.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The business had revenue of $4.29 billion during 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. Research analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is 64.33%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’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 completion of the transaction, the director owned 1,723 shares in the company, valued at $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders sold 509 shares of company stock worth $97,753. 0.07% of the stock is currently owned by company insiders.

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.