Merit Financial Group LLC Cuts Position in Southern Copper Corporation $SCCO

Key Points

• Merit Financial Group cut its stake in Southern Copper by 35.8% in Q4, selling 5,890 shares and leaving it with 10,545 shares valued at about $1.513 million.
• Insider selling has been material recently — directors sold 9,326 shares (~$1.95M) and insiders disposed of 9,526 shares worth ~$1.99M over the past 90 days, leaving insiders with just 0.07% ownership.
• Wall Street sentiment is largely negative: the consensus rating is "Reduce" with an average target of $144.79 versus the recent price near $188, while the stock trades with a market cap of about $153.96 billion and a P/E of 35.33.

Merit Financial Group LLC lessened its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 35.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,545 shares of the basic materials company's stock after selling 5,890 shares during the quarter. Merit Financial Group LLC's holdings in Southern Copper were worth $1,513,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SCCO. Royal Bank of Canada grew its holdings in Southern Copper by 42.1% in the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company's stock worth $4,194,000 after purchasing an additional 13,293 shares during the period. Empowered Funds LLC grew its holdings in shares of Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company's stock valued at $627,000 after buying an additional 1,020 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company's stock valued at $556,000 after buying an additional 1,052 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company's stock valued at $7,424,000 after buying an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of Southern Copper by 17.7% during the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company's stock valued at $492,000 after buying an additional 731 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Insider Activity at Southern Copper

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the firm's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the sale, the director owned 605 shares in the company, valued at approximately $126,783.04. This trade represents a 93.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 193 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.60, for a total transaction of $33,697.80. Following the completion of the sale, the director owned 1,707 shares in the company, valued at $298,042.20. This represents a 10.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 9,526 shares of company stock worth $1,989,373 in the last 90 days. 0.07% of the stock is currently owned by corporate insiders.

Southern Copper Trading Up 2.4%

Shares of SCCO stock opened at $187.97 on Thursday. Southern Copper Corporation has a 12-month low of $86.59 and a 12-month high of $223.88. The company has a current ratio of 3.89, a quick ratio of 3.40 and a debt-to-equity ratio of 0.61. The firm's 50 day moving average is $186.46 and its 200 day moving average is $162.70. The stock has a market capitalization of $153.96 billion, a P/E ratio of 35.33, a P/E/G ratio of 1.85 and a beta of 1.16.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, January 28th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. Southern Copper had a net margin of 32.30% and a return on equity of 41.97%. The company had revenue of $3.87 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the company posted $0.98 earnings per share. Research analysts expect that Southern Copper Corporation will post 6.79 earnings per share for the current year.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of recent analyst reports. Citigroup reiterated a "sell" rating on shares of Southern Copper in a report on Monday, January 12th. Wall Street Zen upgraded shares of Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, March 21st. Scotiabank reiterated an "underperform" rating on shares of Southern Copper in a report on Tuesday, January 27th. Bank of America cut shares of Southern Copper from a "neutral" rating to an "underperform" rating and increased their price target for the company from $162.00 to $175.00 in a report on Thursday, February 26th. Finally, Morgan Stanley increased their price target on shares of Southern Copper from $155.00 to $160.00 and gave the company an "underweight" rating in a report on Thursday, April 9th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $144.79.

Southern Copper Profile

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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