AXQ Capital LP Makes New $1.68 Million Investment in Southern Copper Corporation $SCCO

AXQ Capital LP purchased a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,657 shares of the basic materials company's stock, valued at approximately $1,683,000.

A number of other hedge funds have also modified their holdings of the business. SHP Wealth Management acquired a new position in shares of Southern Copper in the fourth quarter valued at approximately $25,000. Bell Investment Advisors Inc purchased a new position in shares of Southern Copper in the 2nd quarter worth $26,000. Rakuten Securities Inc. acquired a new position in shares of Southern Copper in the 2nd quarter valued at about $28,000. Lloyd Advisory Services LLC. purchased a new stake in Southern Copper during the fourth quarter worth approximately $29,000. Finally, Virtus Advisers LLC acquired a new stake in Southern Copper in the 4th quarter valued at $29,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Southern Copper

In related news, Director Luis Palomino Bonilla sold 202 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 404 shares of company stock valued at $77,077. 0.07% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on SCCO. Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. increased their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the company an "underweight" rating in a research note on Wednesday, June 17th. Scotiabank reissued an "underperform" rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Finally, Barclays set a $164.03 target price on shares of Southern Copper and gave the stock an "underweight" rating in a research report on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $146.84.

Southern Copper Trading Down 0.7%

Shares of SCCO stock opened at $198.17 on Friday. The firm has a market capitalization of $165.34 billion, a PE ratio of 28.97, a price-to-earnings-growth ratio of 1.71 and a beta of 1.14. The stock has a fifty day moving average of $187.43 and a two-hundred day moving average of $184.04. Southern Copper Corporation has a 1 year low of $99.87 and a 1 year high of $223.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.

Southern Copper (NYSE:SCCO - Get Free Report) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion for the quarter, compared to analysts' expectations of $4.37 billion. The business's revenue was up 40.6% on a year-over-year basis. As a group, research analysts expect that Southern Copper Corporation will post 7.59 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.2%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. Southern Copper's dividend payout ratio (DPR) is presently 64.33%.

Southern Copper Company 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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