Fortis Capital Advisors LLC Buys Shares of 9,424 Southern Copper Corporation $SCCO

Key Points

• Fortis Capital Advisors LLC acquired 9,424 shares of Southern Copper Corporation for approximately $953,000 in the 2nd quarter, indicating a growing interest among institutional investors.
• Southern Copper recently increased its quarterly dividend to $1.01 per share from the previous $0.62, reflecting a commitment to returning value to shareholders.
• Despite a positive dividend increase, analysts have set a mixed outlook, with Goldman Sachs issuing a "sell" rating and setting a price objective of $89.00 for the stock, contrasting with UBS's "buy" rating.

Fortis Capital Advisors LLC bought a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 9,424 shares of the basic materials company's stock, valued at approximately $953,000.

Several other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Southern Copper by 26.3% in the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Southern Copper by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company's stock valued at $130,718,000 after acquiring an additional 44,014 shares in the last quarter. Driehaus Capital Management LLC grew its position in Southern Copper by 2.9% in the 1st quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company's stock valued at $98,982,000 after acquiring an additional 30,232 shares in the last quarter. Ameriprise Financial Inc. grew its position in Southern Copper by 5.3% in the 1st quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company's stock valued at $85,595,000 after acquiring an additional 45,691 shares in the last quarter. Finally, Empower Advisory Group LLC grew its position in Southern Copper by 17.0% in the 1st quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company's stock valued at $84,509,000 after acquiring an additional 131,156 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Price Performance

SCCO stock opened at $128.46 on Friday. The business has a 50 day moving average price of $102.99 and a 200 day moving average price of $96.97. The stock has a market cap of $103.29 billion, a price-to-earnings ratio of 28.11, a PEG ratio of 1.28 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 $129.83. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a dividend of $1.01 per share. The ex-dividend date was Friday, August 15th. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a yield of 3.1%. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,228 shares of company stock worth $123,102 in the last three months. 0.07% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on SCCO. The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the stock a "sell" rating in a research report on Wednesday, September 17th. UBS Group reissued a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Morgan Stanley reissued an "underweight" rating and set a $99.00 price objective (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Southern Copper in a research report on Saturday, September 27th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Southern Copper presently has an average rating of "Reduce" and an average target price of $92.40.

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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