Abacus FCF Advisors LLC Makes New Investment in Southern Copper Corporation $SCCO

Abacus FCF Advisors LLC purchased a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 31,569 shares of the basic materials company's stock, valued at approximately $5,501,000.

Several other large investors also recently made changes to their positions in the stock. California Public Employees Retirement System increased its stake in shares of Southern Copper by 21.2% in the first quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company's stock worth $33,126,000 after purchasing an additional 33,638 shares during the period. RFG Advisory LLC acquired a new position in shares of Southern Copper during the 4th quarter worth about $1,147,000. US Bancorp DE boosted its stake in Southern Copper by 16.2% during the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company's stock valued at $10,687,000 after purchasing an additional 10,360 shares during the period. Ashoka WhiteOak Capital Pte Ltd bought a new stake in Southern Copper during the 4th quarter valued at approximately $5,460,000. Finally, Precision Wealth Strategies LLC acquired a new stake in Southern Copper in the 1st quarter valued at approximately $2,769,000. Institutional investors own 7.94% of the company's stock.

Southern Copper Trading Up 3.6%

Shares of SCCO stock opened at $194.57 on Thursday. Southern Copper Corporation has a 52-week low of $92.57 and a 52-week high of $223.88. The stock has a market cap of $162.33 billion, a price-to-earnings ratio of 28.45, a P/E/G ratio of 1.61 and a beta of 1.11. 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 firm has a fifty day moving average of $181.26 and a 200-day moving average of $182.88.

Southern Copper (NYSE:SCCO - Get Free Report) last released 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. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. Southern Copper's revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts forecast that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This is an increase from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. Southern Copper's dividend payout ratio is 64.33%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SCCO. Morgan Stanley boosted their target price on shares of Southern Copper from $144.27 to $156.13 and gave the stock an "underweight" rating in a research report on Wednesday, July 8th. Weiss Ratings raised shares of Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Zacks Research lowered shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective 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. Finally, CICC Research lowered shares of Southern Copper to a "market perform" rating in a research report on Sunday, July 26th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $146.84.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of Southern Copper stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the transaction, the director owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 509 shares of company stock worth $97,753. Company insiders own 0.07% of the company's stock.

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.

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