Arete Wealth Advisors LLC Takes $277,000 Position in Southern Copper Corporation $SCCO

Key Points

• Arete Wealth Advisors LLC invested approximately $277,000 to acquire a new stake in Southern Copper Corporation, purchasing 2,966 shares during the first quarter.
• The company increased its quarterly dividend from $0.62 to $1.01, resulting in an annualized dividend yield of 3.8%.
• Insider transactions included the sale of 414 shares by Director Bonilla Luis Miguel Palomino, indicating a 15.10% decrease in his position.

Arete Wealth Advisors LLC purchased a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,966 shares of the basic materials company's stock, valued at approximately $277,000.

Several other large investors have also modified their holdings of the business. Generali Investments CEE investicni spolecnost a.s. grew its position in shares of Southern Copper by 0.7% in the first 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 last quarter. 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 acquiring an additional 141 shares during the last quarter. HB Wealth Management LLC boosted its position in Southern Copper by 6.4% during the first quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock worth $222,000 after acquiring an additional 142 shares during the last quarter. Centerstone Investors LLC boosted its position in Southern Copper by 0.6% during the fourth quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock worth $2,136,000 after acquiring an additional 143 shares during the last quarter. Finally, Sava Infond d.o.o. boosted its position in Southern Copper by 0.7% during the first quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after acquiring an additional 144 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's 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 sale, the director directly owned 2,327 shares of the company's stock, valued at approximately $232,700. This represents a 15.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 1,228 shares of company stock valued at $123,102. Corporate insiders own 0.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SCCO shares. Morgan Stanley restated an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a report on Tuesday, July 1st. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. lifted their price target on shares of Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, September 3rd. Finally, Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Southern Copper has an average rating of "Reduce" and an average price target of $93.60.

Southern Copper Stock Performance

NYSE SCCO traded down $0.49 on Wednesday, hitting $107.96. The stock had a trading volume of 257,710 shares, compared to its average volume of 1,404,484. Southern Copper Corporation has a one year low of $74.84 and a one year 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. The stock has a market cap of $86.81 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 1.62 and a beta of 0.99. The company's 50-day moving average is $98.33 and its two-hundred day moving average is $94.71.

Southern Copper Increases Dividend

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

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.