HBK Sorce Advisory LLC Makes New $742,000 Investment in Southern Copper Corporation $SCCO

HBK Sorce Advisory LLC purchased a new stake in shares of Southern Copper Corporation (NYSE:SCCO) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,766 shares of the basic materials company’s stock, valued at approximately $742,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Intech Investment Management LLC grew its stake in Southern Copper by 0.8% during the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock valued at $865,000 after acquiring an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake 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 purchasing an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC lifted its stake 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 purchasing an additional 52 shares in the last quarter. Ensign Peak Advisors Inc boosted its holdings in Southern Copper by 0.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after purchasing an additional 53 shares during the period. Finally, Venture Visionary Partners LLC boosted its holdings in Southern Copper by 0.8% in the 4th quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock valued at $1,004,000 after purchasing an additional 53 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Southern Copper Stock Performance

Southern Copper stock opened at $192.54 on Tuesday. Southern Copper Corporation has a fifty-two week low of $92.57 and a fifty-two week high of $223.88. 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 $160.64 billion, a P/E ratio of 28.15, a price-to-earnings-growth ratio of 1.58 and a beta of 1.11. The firm’s fifty day moving average price is $180.38 and its 200-day moving average price is $182.99.

Southern Copper (NYSE:SCCO) last released 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 return on equity of 49.04% and a net margin of 35.87%.The business had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. The business’s revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. Southern Copper’s dividend payout ratio (DPR) is 64.33%.

Insider Activity at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of Southern Copper 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 transaction, the director directly owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 711 shares of company stock worth $133,247 over the last quarter. Company insiders own 0.07% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SCCO. UBS Group reaffirmed a “sell” rating and issued a $158.10 price target (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Barclays set a $164.03 price objective on Southern Copper and gave the company an “underweight” rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. CICC Research lowered Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Finally, Wall Street Zen cut Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $146.84.

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.