53,321 Shares in Southern Copper Corporation $SCCO Acquired by Oak Harvest Investment Services

Key Points

• Oak Harvest Investment Services opened a new position in Southern Copper (NYSE: SCCO) in Q4, purchasing 53,321 shares worth approximately $7.65 million.
• Company insiders have been net sellers, disposing of 9,526 shares in the past 90 days (about $1.99 million), with insiders now holding just 0.07% of the stock.
• Southern Copper recently raised its quarterly dividend to $1.00 (annualized $4.00, yield ~2.1%) while its analyst consensus remains cautious (consensus rating: Reduce, average target ~$144.79).

Oak Harvest Investment Services purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 53,321 shares of the basic materials company's stock, valued at approximately $7,650,000.

Other hedge funds have also added to or reduced their stakes in the company. Rakuten Investment Management Inc. acquired a new stake in Southern Copper during the 3rd quarter worth approximately $2,976,000. Nordea Investment Management AB lifted its holdings in Southern Copper by 5.7% during the 3rd quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company's stock worth $17,778,000 after purchasing an additional 7,995 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Southern Copper by 2,631.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company's stock worth $1,631,000 after purchasing an additional 12,949 shares during the last quarter. Alps Advisors Inc. lifted its holdings in Southern Copper by 54.2% during the 3rd quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company's stock worth $4,326,000 after purchasing an additional 12,532 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Southern Copper by 159.8% in the 3rd quarter. Principal Financial Group Inc. now owns 10,308 shares of the basic materials company's stock valued at $1,251,000 after acquiring an additional 6,341 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the transaction, the director owned 605 shares of the company's stock, valued at $126,783.04. This represents a 93.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bonilla Luis Miguel Palomino sold 193 shares of the company's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.60, for a total value of $33,697.80. Following the completion of the transaction, the director directly owned 1,707 shares of the company's stock, valued at approximately $298,042.20. The trade was a 10.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 9,526 shares of company stock valued at $1,989,373. Insiders own 0.07% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SCCO. Wall Street Zen raised Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, March 21st. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $117.50 to $127.00 and gave the company an "underweight" rating in a report on Friday, April 10th. Bank of America cut Southern Copper from a "neutral" rating to an "underperform" rating and lifted their price objective for the company from $162.00 to $175.00 in a report on Thursday, February 26th. Citigroup reaffirmed a "sell" rating on shares of Southern Copper in a report on Monday, January 12th. Finally, UBS Group dropped their price objective on Southern Copper from $150.00 to $140.00 and set a "sell" rating for the company in a report on Friday, March 27th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $144.79.

Southern Copper Price Performance

Southern Copper stock opened at $194.44 on Friday. Southern Copper Corporation has a 52 week low of $84.97 and a 52 week high of $223.88. The stock has a fifty day moving average of $187.46 and a 200-day moving average of $161.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.40 and a current ratio of 3.89. The stock has a market capitalization of $159.27 billion, a P/E ratio of 36.55, a price-to-earnings-growth ratio of 1.89 and a beta of 1.16.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, January 28th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. Southern Copper had a return on equity of 41.97% and a net margin of 32.30%.The business had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. On average, sell-side analysts expect that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, February 10th. This is a boost from Southern Copper's previous quarterly dividend of $0.90. Southern Copper's payout ratio is currently 75.19%.

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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