Callan Family Office LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,418 shares of the basic materials company's stock, valued at approximately $245,000.
Other hedge funds have also recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in shares of Southern Copper by 117.6% in the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after buying an additional 147 shares during the period. Golden State Wealth Management LLC purchased a new stake in Southern Copper in the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in Southern Copper in the 1st quarter worth approximately $34,000. Quarry LP purchased a new stake in Southern Copper in the 1st quarter worth approximately $41,000. Finally, Hilltop National Bank bought a new stake in Southern Copper during the 2nd quarter worth approximately $53,000. Institutional investors own 7.94% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on SCCO. The Goldman Sachs Group set a $89.00 target price on shares of Southern Copper and gave the stock a "sell" rating in a report on Wednesday, September 17th. Jefferies Financial Group set a $155.00 price objective on Southern Copper and gave the stock a "buy" rating in a research note on Monday, October 6th. UBS Group reiterated a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Weiss Ratings reissued a "buy (b-)" rating on shares of Southern Copper in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their price objective 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. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $109.88.
Read Our Latest Analysis on SCCO
Southern Copper Stock Performance
Southern Copper stock opened at $133.41 on Friday. The company's 50-day moving average price is $109.47 and its 200-day moving average price is $98.99. 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 company has a market cap of $107.27 billion, a PE ratio of 29.19, a price-to-earnings-growth ratio of 1.32 and a beta of 1.02. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $136.49.
Southern Copper Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 3.0%. 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 currently 70.02%.
Insider Activity
In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction that occurred 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 1,228 shares of company stock valued at $123,102. 0.07% of the stock is owned by company insiders.
Southern Copper Company Profile
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Free Report)
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.
Further Reading
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