D.B. Root & Company LLC Purchases New Shares in Southern Copper Corporation $SCCO

D.B. Root & Company LLC acquired a new stake in Southern Copper Corporation (NYSE:SCCO) in the second quarter, Holdings Channel reports. The institutional investor acquired 6,802 shares of the basic materials company’s stock, valued at approximately $1,185,000.

Several other hedge funds have also modified their holdings of SCCO. Intech Investment Management LLC increased its stake in shares of Southern Copper by 0.8% in the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock valued at $865,000 after purchasing an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Southern Copper by 0.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock valued at $871,000 after purchasing an additional 51 shares during the period. Steel Grove Capital Advisors LLC grew its holdings in Southern Copper by 1.8% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after purchasing an additional 52 shares during the period. Ensign Peak Advisors Inc increased its position in shares of Southern Copper by 0.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after buying an additional 53 shares in the last quarter. Finally, Venture Visionary Partners LLC raised its stake in shares of Southern Copper by 0.8% during the 4th quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock worth $1,004,000 after buying an additional 53 shares during the period. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. CICC Research cut shares of Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Scotiabank reiterated an “underperform” rating and issued a $138.34 target price (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Wells Fargo & Company lifted their target price on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company’s stock. According to data from MarketBeat, Southern Copper currently has a consensus rating of “Reduce” and an average price target of $146.84.

Southern Copper Trading Up 0.1%

SCCO opened at $216.30 on Monday. The stock has a market capitalization of $180.47 billion, a PE ratio of 31.62, a P/E/G ratio of 1.85 and a beta of 1.11. Southern Copper Corporation has a one year low of $92.94 and a one year 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 business’s 50 day moving average price is $182.23 and its 200 day moving average price is $183.16.

Southern Copper (NYSE:SCCO) last posted its earnings results 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 return on equity of 49.04% and a net margin of 35.87%.The company had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. The company’s revenue for the quarter was up 40.6% on a year-over-year basis. As a group, equities research analysts expect 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. Stockholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) 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.