40,340 Shares in Southern Copper Corporation $SCCO Acquired by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 40,340 Southern Copper shares worth approximately $7.03 million during the second quarter. Several other major institutions also initiated positions, while institutional investors collectively own 7.94% of the company.
• Analyst sentiment remains cautious: Southern Copper has a consensus “Reduce” rating, with three Buy, five Hold and seven Sell ratings and an average price target of $146.84.
• Southern Copper reported quarterly EPS of $1.99, exceeding estimates, while revenue rose 40.6% year over year to $4.29 billion. The company also raised its quarterly dividend to $1.10, or $4.40 annualized, yielding about 2.1%.

Corient Private Wealth LP acquired a new stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 40,340 shares of the basic materials company's stock, valued at approximately $7,030,000.

Several other large investors have also recently bought and sold shares of the company. Philadelphia Investment Partners LLC acquired a new stake in Southern Copper in the second quarter worth $1,909,000. Bamco Inc. NY acquired a new stake in Southern Copper during the 2nd quarter worth $907,000. Bank of America Corp DE acquired a new stake in Southern Copper during the 2nd quarter worth $318,448,000. Caisse de depot et placement du Quebec bought a new position in Southern Copper during the second quarter worth about $25,081,000. Finally, Odyssean LLC bought a new position in Southern Copper during the second quarter worth about $290,000. Institutional investors own 7.94% of the company's stock.

Insider Buying and Selling

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The shares were 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 in the company, valued at $339,066.65. This represents a 10.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders have sold 509 shares of company stock worth $97,753. Insiders own 0.07% of the company's stock.

Wall Street Analyst Weigh In

SCCO has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price objective on Southern Copper from $168.97 to $169.96 and gave the company an "equal weight" rating in a report on Thursday, July 9th. CICC Research lowered shares of Southern Copper to a "market perform" rating in a research note on Sunday, July 26th. UBS Group reiterated a "sell" rating and issued a $158.10 price target (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Zacks Research downgraded shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Finally, Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. Three 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.com, the stock currently has a consensus rating of "Reduce" and an average price target of $146.84.

Southern Copper Price Performance

Shares of SCCO opened at $211.58 on Monday. The stock has a market capitalization of $176.53 billion, a P/E ratio of 30.93, a P/E/G ratio of 1.80 and a beta of 1.11. Southern Copper Corporation has a twelve month low of $92.94 and a twelve month high of $223.88. The company has a 50 day moving average of $184.67 and a 200-day moving average of $183.78. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The business had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. The business's quarterly revenue was up 40.6% on a year-over-year basis. As a group, equities research analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, August 11th. This is an increase from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's dividend payout ratio (DPR) is presently 64.33%.

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.

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