Beacon Investment Advisory Services Inc. Has $5.84 Million Stake in Southern Copper Corporation $SCCO

Key Points

• Beacon Investment Advisory Services Inc. increased its stake in Southern Copper Corporation by 7.2%, acquiring a total of 57,710 shares valued at approximately $5.84 million at the end of the second quarter.
• Southern Copper's recent quarterly dividend was raised to $1.01 per share, representing an annualized dividend of $4.04 and a yield of 3.4%.
• Analysts have set a consensus price target for Southern Copper at $93.67, with mixed ratings from brokerages, including a "sell" rating from Goldman Sachs and a "buy" from UBS.

Beacon Investment Advisory Services Inc. boosted its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 7.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,710 shares of the basic materials company's stock after acquiring an additional 3,852 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Southern Copper were worth $5,839,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SCCO. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Southern Copper in the fourth quarter valued at approximately $40,226,000. Jacobs Levy Equity Management Inc. bought a new position in Southern Copper in the first quarter valued at approximately $40,338,000. Nuveen LLC bought a new position in Southern Copper in the first quarter valued at approximately $34,086,000. JPMorgan Chase & Co. increased its stake in Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after acquiring an additional 322,935 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in Southern Copper in the first quarter valued at approximately $25,739,000. 7.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SCCO. The Goldman Sachs Group set a $89.00 price objective on shares of Southern Copper and gave the company a "sell" rating in a research note on Wednesday, September 17th. 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. boosted their target price on shares of Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 3rd. Morgan Stanley reaffirmed an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, UBS Group reaffirmed a "buy" rating on shares of Southern Copper in a research note on Friday, September 19th. Four equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of "Reduce" and a consensus price target of $93.67.

Southern Copper Stock Performance

NYSE SCCO opened at $119.50 on Thursday. The stock has a market cap of $96.09 billion, a PE ratio of 26.15, a PEG ratio of 1.63 and a beta of 0.99. The firm's fifty day moving average price is $99.68 and its two-hundred day moving average price is $95.58. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.49.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper 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 transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,228 shares of company stock worth $123,102 in the last quarter. 0.07% of the stock is currently owned by insiders.

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.

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