SMART Wealth LLC Acquires 13,406 Shares of Southern Copper Corporation $SCCO

SMART Wealth LLC raised its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 367.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,054 shares of the basic materials company’s stock after buying an additional 13,406 shares during the quarter. SMART Wealth LLC’s holdings in Southern Copper were worth $2,972,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. BlackRock Inc. bought a new position in Southern Copper during the second quarter worth $1,729,500,000. Bank of America Corp DE bought a new stake in Southern Copper in the 2nd quarter valued at $318,448,000. Legal & General Group Plc acquired a new stake in Southern Copper in the 2nd quarter worth $149,739,000. Norges Bank acquired a new stake in Southern Copper in the 4th quarter worth $97,645,000. Finally, Capital Research Global Investors bought a new position in shares of Southern Copper during the 4th quarter worth about $81,039,000. 7.94% of the stock is owned by institutional investors.

Insider Activity

In other Southern Copper news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 404 shares of company stock worth $77,077 over the last three months. 0.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SCCO. Scotiabank reaffirmed an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. UBS Group reissued a “sell” rating and set a $158.10 target price (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Zacks Research lowered Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. upped their price target on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a report on Wednesday, June 17th. Finally, Morgan Stanley raised their price objective on Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. 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’s stock. According to data from MarketBeat, Southern Copper has an average rating of “Reduce” and an average target price of $146.84.

Southern Copper Trading Down 0.7%

SCCO stock opened at $198.17 on Friday. Southern Copper Corporation has a 1-year low of $99.87 and a 1-year high of $223.88. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $187.43 and its 200-day moving average is $184.04. The firm has a market cap of $165.34 billion, a P/E ratio of 28.97, a P/E/G ratio of 1.71 and a beta of 1.14.

Southern Copper (NYSE:SCCO) last posted its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.93 by $0.06. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business’s revenue for the quarter was up 40.6% compared to the same quarter last year. Equities analysts anticipate that Southern Copper Corporation will post 7.59 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were paid a dividend of $1.10 per share. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, August 11th. Southern Copper’s dividend payout ratio is currently 64.33%.

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.