Great Lakes Advisors LLC Takes $1.13 Million Position in Southern Copper Corporation $SCCO

Key Points

• Great Lakes Advisors acquired 6,474 Southern Copper shares worth approximately $1.13 million in the second quarter. Institutional investors collectively own 7.94% of SCCO.
• Southern Copper reported quarterly EPS of $1.99, exceeding estimates by $0.06, while revenue rose 40.6% year over year to $4.29 billion. The company also increased its quarterly dividend to $1.10, representing a 2.0% annualized yield.
• SCCO shares recently traded at $216.30, near their 52-week high, but analysts remain cautious: the stock has an average “Reduce” rating and a consensus price target of $146.84.

Great Lakes Advisors LLC acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,474 shares of the basic materials company's stock, valued at approximately $1,128,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SCCO. Bell Investment Advisors Inc bought a new stake in Southern Copper during the 2nd quarter valued at $26,000. SHP Wealth Management acquired a new position in Southern Copper during the 4th quarter worth $25,000. Lloyd Advisory Services LLC. bought a new position in shares of Southern Copper in the fourth quarter worth $29,000. Virtus Advisers LLC bought a new position in shares of Southern Copper in the fourth quarter worth $29,000. Finally, Godfrey Financial Associates Inc. bought a new position in shares of Southern Copper in the fourth quarter worth $30,000. 7.94% of the stock is owned by institutional investors.

Southern Copper Stock Up 8.8%

Shares of SCCO stock opened at $216.30 on Friday. Southern Copper Corporation has a 1 year low of $92.94 and a 1 year high of $223.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The business's fifty day moving average is $182.23 and its 200-day moving average is $183.20. The stock has a market cap of $180.47 billion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. The business's revenue for the quarter was up 40.6% on a year-over-year basis. Equities analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.0%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. Southern Copper's dividend payout ratio (DPR) is presently 64.33%.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the sale, the director directly owned 1,723 shares of the company's stock, valued at approximately $339,066.65. This represents a 10.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 509 shares of company stock valued at $97,753. 0.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SCCO has been the topic of a number of recent analyst reports. Citigroup restated a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. Barclays set a $164.03 target price on shares of Southern Copper and gave the company an "underweight" rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. raised their target price on shares of Southern Copper from $125.49 to $129.94 and gave the company an "underweight" rating in a research note on Wednesday, June 17th. Morgan Stanley boosted their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an "underweight" rating in a research report on Wednesday, July 8th. Finally, Zacks Research lowered shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, Southern Copper currently has an average rating of "Reduce" and an average target price of $146.84.

About Southern Copper

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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