Altman Advisors Inc. Takes Position in Southern Copper Corporation $SCCO

Key Points

• Altman Advisors initiated a Southern Copper position in the second quarter, buying 14,414 shares worth approximately $2.5 million. Institutional investors collectively own 7.94% of the company.
• Southern Copper reported quarterly earnings of $1.99 per share, exceeding estimates, while revenue rose 40.6% year over year to $4.29 billion. The stock recently opened at $199.45, up significantly from its 50-day and 200-day moving averages.
• The company raised its quarterly dividend to $1.10 per share, equivalent to a $4.40 annual payout and a 2.2% yield. Despite the dividend increase, analysts maintain a consensus “Reduce” rating with an average price target of $146.84.

Altman Advisors Inc. purchased 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 SEC. The fund purchased 14,414 shares of the basic materials company's stock, valued at approximately $2,512,000.

Other institutional investors also recently bought and sold shares of the company. California Public Employees Retirement System boosted its holdings in shares of Southern Copper by 21.2% during the 1st quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company's stock valued at $33,126,000 after acquiring an additional 33,638 shares during the last quarter. RFG Advisory LLC purchased a new position in shares of Southern Copper during the fourth quarter valued at approximately $1,147,000. US Bancorp DE raised its holdings in shares of Southern Copper by 16.2% during the fourth 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 last quarter. Ashoka WhiteOak Capital Pte Ltd bought a new position in Southern Copper during the fourth quarter valued at approximately $5,460,000. Finally, Precision Wealth Strategies LLC bought a new position in Southern Copper during the first quarter valued at approximately $2,769,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 509 shares of company stock valued at $97,753 over the last three months. Corporate insiders own 0.07% of the company's stock.

Southern Copper Stock Up 2.5%

Shares of SCCO stock opened at $199.45 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a one year low of $92.57 and a one year high of $223.88. The company's fifty day moving average price is $181.66 and its 200-day moving average price is $182.97. The company has a market capitalization of $166.41 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 1.67 and a beta of 1.11.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping the consensus estimate 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%. The company's quarterly revenue was up 40.6% compared to the same quarter last year. Sell-side analysts expect that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper's dividend payout ratio is currently 64.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SCCO shares. Morgan Stanley lifted 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 Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Barclays set a $164.03 price target on Southern Copper and gave the stock an "underweight" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $125.49 to $129.94 and gave the stock an "underweight" rating in a report on Wednesday, June 17th. Finally, Wells Fargo & Company lifted their price objective on Southern Copper from $168.97 to $169.96 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Three research 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 MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $146.84.

About Southern Copper

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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