Belpointe Asset Management LLC Invests $953,000 in Southern Copper Corporation $SCCO

Key Points

• Belpointe Asset Management invested $953,000 in Southern Copper Corporation, acquiring 9,424 shares of the company during the second quarter.
• Southern Copper recently increased its quarterly dividend to $1.01, raising the annualized yield to 3.0% and reflecting a strong commitment to returning value to shareholders.
• Analysts have mixed opinions on the stock, with ratings ranging from buy to sell, and an average price target of $109.88.

Belpointe Asset Management LLC bought a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 9,424 shares of the basic materials company's stock, valued at approximately $953,000.

Other hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its holdings in shares of Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after purchasing an additional 147 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $34,000. Quarry LP bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $41,000. Finally, Hilltop National Bank bought a new stake in shares of Southern Copper in the 2nd quarter worth approximately $53,000. Institutional investors own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SCCO shares. Citigroup reaffirmed a "sell" rating and issued a $108.00 price target (up previously from $89.10) on shares of Southern Copper in a report on Wednesday. UBS Group reissued a "buy" rating on shares of Southern Copper in a report on Friday, September 19th. The Goldman Sachs Group set a $89.00 target price on shares of Southern Copper and gave the company a "sell" rating in a report on Wednesday, September 17th. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Finally, Jefferies Financial Group set a $155.00 target price on shares of Southern Copper and gave the company a "buy" rating in a report on Monday. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper currently has an average rating of "Reduce" and an average price target of $109.88.

Southern Copper Trading Up 4.6%

Southern Copper stock opened at $132.53 on Thursday. The stock has a market cap of $106.56 billion, a P/E ratio of 29.00, a PEG ratio of 1.29 and a beta of 1.02. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $134.49. The firm's fifty day moving average price is $105.09 and its 200-day moving average price is $97.59. 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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a $1.01 dividend. This is a boost from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper's payout ratio is currently 70.02%.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares of the company's stock, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,228 shares of company stock valued at $123,102 over the last quarter. 0.07% of the stock is owned by corporate insiders.

Southern Copper 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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