Freestone Capital Holdings LLC Acquires New Holdings in Southern Copper Corporation $SCCO

Key Points

• Freestone Capital Holdings LLC acquired a new stake in Southern Copper Corporation worth approximately $680,000, adding 7,277 shares in the 1st quarter.
• The company has increased its dividend to $1.01 per share, reflecting a significant yield of 270.0% compared to the previous dividend of $0.62.
• Analysts have mixed opinions on the stock, with ratings ranging from "moderate sell" to "hold", and a consensus target price of $91.00.

Freestone Capital Holdings LLC acquired a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 7,277 shares of the basic materials company's stock, valued at approximately $680,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in shares of Southern Copper by 117.6% during 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 in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper during the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper during the 1st quarter worth approximately $34,000. IFP Advisors Inc raised its stake in shares of Southern Copper by 53.7% during the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after purchasing an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Southern Copper by 35.2% during the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after purchasing an additional 236 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Stock Up 0.1%

SCCO stock opened at $96.00 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. The stock has a market capitalization of $77.19 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.39 and a beta of 1.00. The business's fifty day moving average price is $98.10 and its two-hundred day moving average price is $93.92. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44.

Southern Copper Increases Dividend

The company also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be given a dividend of $1.01 per share. This represents a yield of 270.0%. The ex-dividend date is Friday, August 15th. This is a positive change from Southern Copper's previous -- dividend of $0.62. Southern Copper's dividend payout ratio (DPR) is 70.02%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SCCO. Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a research note on Tuesday, July 1st. JPMorgan Chase & Co. dropped their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Morgan Stanley restated an "underweight" rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. 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 stock currently has a consensus rating of "Hold" and a consensus target price of $91.00.

Insiders Place Their Bets

In other Southern Copper 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 transaction of $41,400.00. Following the transaction, the director owned 2,327 shares in the company, valued at $232,700. This trade represents a 15.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.07% of the stock is owned by insiders.

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.

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