Gallacher Capital Management LLC Makes New Investment in Southern Copper Corporation $SCCO

Key Points

• Gallacher Capital Management LLC acquired 5,703 shares of Southern Copper Corporation, valued at approximately $577,000, in the second quarter.
• Several institutional investors have made significant purchases of Southern Copper, including Universal Beteiligungs und Servicegesellschaft mbH, which invested $40.2 million in the fourth quarter.
• The company recently increased its quarterly dividend from $0.62 to $1.01, equating to an annualized yield of 3.8%.

Gallacher Capital Management LLC acquired a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,703 shares of the basic materials company's stock, valued at approximately $577,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Generali Investments CEE investicni spolecnost a.s. increased its holdings in shares of Southern Copper by 0.7% in the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock valued at $1,409,000 after purchasing an additional 108 shares during the period. Zurich Insurance Group Ltd FI boosted its position in Southern Copper by 0.7% during the first quarter. Zurich Insurance Group Ltd FI now owns 17,331 shares of the basic materials company's stock worth $1,620,000 after purchasing an additional 125 shares during the period. Balefire LLC boosted its position in Southern Copper by 3.0% during the first quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock worth $447,000 after purchasing an additional 141 shares during the period. HB Wealth Management LLC boosted its position in shares of Southern Copper by 6.4% in the first quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock valued at $222,000 after acquiring an additional 142 shares during the period. Finally, Centerstone Investors LLC boosted its position in shares of Southern Copper by 0.6% in the fourth quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock valued at $2,136,000 after acquiring an additional 143 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Trading Up 1.6%

NYSE SCCO traded up $1.77 during trading hours on Friday, hitting $109.03. 390,195 shares of the company were exchanged, compared to its average volume of 1,407,040. The stock has a 50-day moving average price of $98.57 and a 200 day moving average price of $94.94. The stock has a market cap of $87.67 billion, a PE ratio of 23.80, a price-to-earnings-growth ratio of 1.58 and a beta of 0.99. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were given a dividend of $1.01 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $4.04 annualized dividend and a yield of 3.7%. This is an increase from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is 70.02%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the sale, the director directly owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 1,228 shares of company stock worth $123,102. Corporate insiders own 0.07% of the company's stock.

Analyst Ratings Changes

SCCO has been the subject of several research reports. UBS Group reissued a "buy" rating on shares of Southern Copper in a research report on Friday. The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the stock a "sell" rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 3rd. Morgan Stanley reiterated an "underweight" rating and set a $99.00 price objective (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $93.67.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.