Empowered Funds LLC lifted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 896.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,422 shares of the basic materials company's stock after purchasing an additional 45,360 shares during the period. Empowered Funds LLC's holdings in Southern Copper were worth $8,676,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. SHP Wealth Management acquired a new position in Southern Copper during the 4th quarter worth $25,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Southern Copper in the 4th quarter valued at $29,000. Virtus Advisers LLC acquired a new stake in shares of Southern Copper in the 4th quarter valued at $29,000. Godfrey Financial Associates Inc. bought a new stake in shares of Southern Copper during the fourth quarter worth $30,000. Finally, IFP Advisors Inc raised its position in shares of Southern Copper by 233.3% during the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock worth $33,000 after acquiring an additional 161 shares during the last quarter. 7.94% of the stock is owned by institutional investors.
Southern Copper Price Performance
Shares of SCCO opened at $184.42 on Friday. The stock has a market cap of $153.87 billion, a P/E ratio of 26.96, a price-to-earnings-growth ratio of 1.62 and a beta of 1.11. Southern Copper Corporation has a 1 year low of $92.57 and a 1 year high of $223.88. The stock's 50-day moving average price is $179.90 and its two-hundred day moving average price is $182.98. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63.
Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm's quarterly revenue was up 40.6% compared to the same quarter last year. On average, equities analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current year.
Southern Copper Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. This is a boost from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, August 11th. Southern Copper's dividend payout ratio is presently 64.33%.
Insiders Place Their Bets
In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the transaction, the director directly owned 1,723 shares of the company's stock, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 711 shares of company stock worth $133,247 in the last 90 days. Insiders own 0.07% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Southern Copper from $144.27 to $156.13 and gave the company an "underweight" rating in a report on Wednesday, July 8th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays set a $164.03 target price on shares of Southern Copper and gave the company an "underweight" rating in a research note on Thursday, July 23rd. Scotiabank reiterated an "underperform" rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Finally, CICC Research downgraded shares of Southern Copper to a "market perform" rating in a research note on Sunday, July 26th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $146.84.
Check Out Our Latest Research Report on Southern Copper
About Southern Copper
(
Free Report)
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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