Beacon Investment Advisory Services Inc. Increases Stock Holdings in Southern Copper Corporation $SCCO

Beacon Investment Advisory Services Inc. raised its position in Southern Copper Corporation (NYSE:SCCO) by 105.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 198,590 shares of the basic materials company’s stock after acquiring an additional 101,979 shares during the quarter. Southern Copper comprises approximately 1.3% of Beacon Investment Advisory Services Inc.’s holdings, making the stock its 24th largest position. Beacon Investment Advisory Services Inc.’s holdings in Southern Copper were worth $34,606,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of SCCO. Norges Bank purchased a new position in shares of Southern Copper in the fourth quarter valued at approximately $97,645,000. Capital Research Global Investors purchased a new stake in Southern Copper during the 4th quarter worth approximately $81,039,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Southern Copper during the 1st quarter worth approximately $85,342,000. Arrowstreet Capital Limited Partnership acquired a new stake in Southern Copper during the 4th quarter worth approximately $46,560,000. Finally, USS Investment Management Ltd lifted its holdings in Southern Copper by 904.8% during the 4th quarter. USS Investment Management Ltd now owns 301,655 shares of the basic materials company’s stock worth $43,272,000 after buying an additional 271,634 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SCCO. Weiss Ratings upgraded shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Zacks Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. CICC Research cut Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Wells Fargo & Company upped their price target on Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, Barclays set a $166.00 price target on Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat.com, Southern Copper has an average rating of “Reduce” and a consensus price target of $148.60.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $199.15, for a total value of $39,830.00. Following the completion of the transaction, the director owned 1,703 shares in the company, valued at approximately $339,152.45. This represents a 10.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 804 shares of company stock worth $151,338. 0.07% of the stock is currently owned by insiders.

Southern Copper Stock Performance

NYSE:SCCO opened at $199.38 on Friday. Southern Copper Corporation has a 12 month low of $92.57 and a 12 month high of $223.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 3.89. The firm has a market capitalization of $164.70 billion, a PE ratio of 29.15, a price-to-earnings-growth ratio of 1.66 and a beta of 1.11. The business’s fifty day moving average price is $181.84 and its 200 day moving average price is $184.71.

Southern Copper shares are going to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be distributed to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 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 during the quarter, compared to analysts’ expectations of $4.37 billion. The firm’s quarterly revenue was up 40.6% on a year-over-year basis. On average, sell-side analysts anticipate that Southern Copper Corporation will post 7.63 earnings per share 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. The ex-dividend date of this dividend 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 2.2%. Southern Copper’s dividend payout ratio is 58.48%.

About Southern Copper

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.