Arete Wealth Advisors LLC Makes New $277,000 Investment 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 shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,966 shares of the basic materials company's stock, valued at approximately $277,000.

Other hedge funds have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. lifted its position in Southern Copper by 117.6% during the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 147 shares during the period. Golden State Wealth Management LLC purchased a new stake in Southern Copper during the 1st quarter valued at $29,000. N.E.W. Advisory Services LLC purchased a new stake in Southern Copper during the 1st quarter valued at $34,000. Quarry LP bought a new position in shares of Southern Copper during the 1st quarter valued at $41,000. Finally, Twin Tree Management LP boosted its stake in shares of Southern Copper by 583.5% in the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock worth $58,000 after buying an additional 531 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the sale, the director directly owned 2,327 shares in the company, valued at $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 1,028 shares of company stock valued at $102,014 over the last three months. Corporate insiders own 0.07% of the company's stock.

Southern Copper Trading Up 2.9%

Shares of NYSE:SCCO opened at $105.02 on Friday. The stock has a 50 day moving average of $98.11 and a 200 day moving average of $94.34. The company has a market cap of $84.44 billion, a PE ratio of 22.98, a price-to-earnings-growth ratio of 1.51 and a beta of 0.99. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67.

Southern Copper Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. 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 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 for the company. in a research report on Tuesday, July 1st. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. upped their target price 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. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $93.60.

About Southern Copper

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.

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