Meridian Wealth Management LLC Buys New Holdings in Southern Copper Corporation $SCCO

Meridian Wealth Management LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,238 shares of the basic materials company’s stock, valued at approximately $393,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. MJT & Associates Financial Advisory Group Inc. increased its stake in shares of Southern Copper by 65.1% in the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 84 shares during the period. Tobam purchased a new stake in Southern Copper in the second quarter valued at $29,000. Westside Investment Management Inc. acquired a new stake in Southern Copper during the 2nd quarter worth about $32,000. Allworth Financial LP grew its position in Southern Copper by 65.1% during the 2nd quarter. Allworth Financial LP now owns 383 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 151 shares during the period. Finally, AlphaCore Capital LLC raised its stake in shares of Southern Copper by 148.9% during the 2nd quarter. AlphaCore Capital LLC now owns 433 shares of the basic materials company’s stock valued at $44,000 after buying an additional 259 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group reaffirmed a “sell” rating and set a $129.00 target price on shares of Southern Copper in a report on Wednesday, January 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $156.00 price objective on shares of Southern Copper in a research note on Friday, January 30th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $117.50 target price (down from $119.50) on shares of Southern Copper in a report on Friday, January 23rd. Wells Fargo & Company set a $192.00 price target on shares of Southern Copper and gave the stock an “equal weight” rating in a report on Thursday, January 29th. Finally, UBS Group reaffirmed a “sell” rating and issued a $150.00 price objective (up previously from $148.00) on shares of Southern Copper in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the company’s stock. According to MarketBeat, Southern Copper has a consensus rating of “Reduce” and an average price target of $137.65.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 400 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total value of $55,600.00. Following the completion of the transaction, the director directly owned 1,265 shares of the company’s stock, valued at approximately $175,835. This represents a 24.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,248 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $211.34, for a total value of $1,954,472.32. Following the completion of the transaction, the director owned 600 shares in the company, valued at $126,804. The trade was a 93.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,796 shares of company stock valued at $2,030,792 in the last three months. Insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Southern Copper stock opened at $196.00 on Thursday. The stock has a market capitalization of $159.19 billion, a P/E ratio of 41.09, a P/E/G ratio of 1.77 and a beta of 1.07. The company’s fifty day moving average price is $160.89 and its 200 day moving average price is $130.77. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.91 and a current ratio of 4.52. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $218.81.

Shares of Southern Copper are set to split on the morning of Tuesday, February 10th. The 1.0085-1 split was recently announced. The newly minted shares will be payable to shareholders after the market closes on Monday, February 9th.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th will be paid a dividend of $1.00 per share. This is an increase from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date is Tuesday, February 10th. This represents a $4.00 annualized dividend and a yield of 2.0%. Southern Copper’s dividend payout ratio (DPR) is presently 75.47%.

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.