Empower Advisory Group LLC Raises Stake in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Empower Advisory Group LLC increased its stake in Southern Copper Corporation by 17.0%, owning a total of 904,224 shares valued at approximately $84.5 million.
• Southern Copper recently increased its dividend payout from $0.62 to $1.01 per share, which represents a substantial yield of 270.0%.
• Analysts have varied opinions on Southern Copper, with a consensus rating of "Hold" and a price target of $91.00, alongside ratings downgrades from multiple firms.

Empower Advisory Group LLC grew its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 17.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 904,224 shares of the basic materials company's stock after acquiring an additional 131,156 shares during the quarter. Empower Advisory Group LLC owned about 0.11% of Southern Copper worth $84,509,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Generali Investments CEE investicni spolecnost a.s. raised its stake in shares of Southern Copper by 0.7% in the first quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock worth $1,409,000 after buying an additional 108 shares during the period. Balefire LLC increased its holdings in Southern Copper by 3.0% in the 1st quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock worth $447,000 after acquiring an additional 141 shares in the last quarter. HB Wealth Management LLC raised its stake in Southern Copper by 6.4% during the 1st quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock worth $222,000 after acquiring an additional 142 shares during the period. Centerstone Investors LLC lifted its holdings in Southern Copper by 0.6% during the fourth quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock valued at $2,136,000 after purchasing an additional 143 shares in the last quarter. Finally, Sava Infond d.o.o. boosted its position in shares of Southern Copper by 0.7% in the first quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 7.94% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SCCO shares. Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. cut their price objective on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $91.00.

Southern Copper Stock Up 2.5%

Shares of NYSE SCCO traded up $2.40 during trading hours on Thursday, hitting $97.47. 1,038,360 shares of the stock were exchanged, compared to its average volume of 1,552,134. The firm has a fifty day moving average price of $97.60 and a 200-day moving average price of $93.76. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $121.44. The company has a market cap of $77.60 billion, a PE ratio of 21.33, a PEG ratio of 1.37 and a beta of 1.00.

Southern Copper Increases Dividend

The business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.01 per share. This represents a dividend yield of 270.0%. This is an increase from Southern Copper's previous -- dividend of $0.62. The ex-dividend date is Friday, August 15th. Southern Copper's dividend payout ratio is currently 61.27%.

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.