Alaethes Wealth LLC Raises Stock Position in Southern Copper Corporation $SCCO

Key Points

• Alaethes Wealth LLC increased its holdings in Southern Copper Corporation (NYSE:SCCO) by 28.2%, owning 14,357 shares valued at approximately $1.34 million after purchasing an additional 3,161 shares in the first quarter.
• Southern Copper recently declared a quarterly dividend of $1.01, up from $0.62, translating to an annualized dividend of $4.04 and a yield of 3.9%.
• Analyst ratings for Southern Copper have varied, with UBS downgrading the stock to "neutral" and Morgan Stanley maintaining an "underweight" rating while adjusting the price target from $86.00 to $99.00.

Alaethes Wealth LLC boosted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 28.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,357 shares of the basic materials company's stock after buying an additional 3,161 shares during the quarter. Alaethes Wealth LLC's holdings in Southern Copper were worth $1,342,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas purchased a new position in Southern Copper during the first quarter worth about $2,637,000. Golden State Wealth Management LLC purchased a new position in Southern Copper during the first quarter worth about $29,000. Oppenheimer & Co. Inc. purchased a new position in Southern Copper during the first quarter worth about $337,000. GAMMA Investing LLC boosted its stake in Southern Copper by 35.2% during the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after buying an additional 236 shares during the period. Finally, Novem Group boosted its stake in Southern Copper by 34.4% during the first quarter. Novem Group now owns 10,758 shares of the basic materials company's stock worth $1,005,000 after buying an additional 2,754 shares during the period. Hedge funds and other institutional investors own 7.94% of the company's stock.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the transaction, the director owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,228 shares of company stock valued at $123,102 in the last ninety days. 0.07% of the stock is owned by insiders.

Southern Copper Stock Up 1.1%

Southern Copper stock traded up $1.17 during trading on Friday, reaching $106.22. The stock had a trading volume of 1,606,398 shares, compared to its average volume of 1,014,718. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44. The business has a 50 day moving average price of $98.12 and a 200 day moving average price of $94.44. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The stock has a market cap of $85.41 billion, a PE ratio of 23.24, a P/E/G ratio of 1.55 and a beta of 0.99.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a $1.01 dividend. This is an increase from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Friday, August 15th. Southern Copper's payout ratio is presently 70.02%.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent research reports. Morgan Stanley reissued an "underweight" rating and issued a $99.00 price objective (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. raised their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, September 3rd. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a research note on Tuesday, July 1st. Four analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $93.60.

Southern Copper 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.