Meridian Wealth Management LLC Acquires Shares of 3,238 Southern Copper Corporation $SCCO

Meridian Wealth Management LLC bought a new position in Southern Copper Corporation (NYSE:SCCO) during the third quarter, Holdings Channel.com reports. The institutional investor bought 3,238 shares of the basic materials company’s stock, valued at approximately $393,000.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in Southern Copper during the second quarter worth approximately $57,901,000. HRT Financial LP purchased a new stake in Southern Copper in the 2nd quarter valued at $29,771,000. Man Group plc increased its stake in shares of Southern Copper by 65.4% in the 2nd quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock worth $47,258,000 after acquiring an additional 184,641 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Southern Copper by 10.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,719,883 shares of the basic materials company’s stock worth $174,002,000 after acquiring an additional 168,005 shares during the period. Finally, Ossiam boosted its position in shares of Southern Copper by 236,557.7% during the 2nd quarter. Ossiam now owns 168,027 shares of the basic materials company’s stock valued at $16,999,000 after acquiring an additional 167,956 shares during the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SCCO. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a report on Monday, December 29th. Citigroup reiterated a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $117.50 price objective (down from $119.50) on shares of Southern Copper in a research report on Friday, January 23rd. Finally, Morgan Stanley restated an “underweight” rating and issued a $156.00 target price on shares of Southern Copper in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $137.65.

Insider Activity

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

Southern Copper Trading Down 9.0%

SCCO opened at $196.00 on Thursday. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $218.81. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64. The business has a fifty day simple moving average of $160.89 and a 200-day simple moving average of $130.77. The firm has a market cap 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.

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

Southern Copper Increases Dividend

The firm also recently declared 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 represents a $4.00 dividend on an annualized basis and a yield of 2.0%. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date is Tuesday, February 10th. Southern Copper’s payout ratio is currently 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.