NewEdge Advisors LLC Has $7.04 Million Stock Holdings in Southern Copper Corporation $SCCO

Key Points

• NewEdge Advisors reduced its Southern Copper stake by 18.1% in the first quarter, selling 9,018 shares and retaining 40,910 shares valued at approximately $7.04 million. Institutional investors collectively own 7.94% of the company.
• Analyst sentiment remains cautious: Southern Copper has a consensus rating of “Reduce” and a $148.60 target price, despite individual firms raising targets and the stock trading near $201.
• Southern Copper beat quarterly earnings expectations with $2.01 in EPS, while revenue rose 40.6% year over year. The company also increased its quarterly dividend to $1.10, equivalent to a 2.2% annual yield.

NewEdge Advisors LLC lowered its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 18.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,910 shares of the basic materials company's stock after selling 9,018 shares during the quarter. NewEdge Advisors LLC's holdings in Southern Copper were worth $7,039,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Southern Copper by 2.4% during the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company's stock worth $410,646,000 after buying an additional 66,268 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company's stock valued at $363,873,000 after acquiring an additional 7,194 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Southern Copper by 8.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company's stock worth $169,480,000 after acquiring an additional 90,237 shares during the last quarter. Vanguard Group Inc. grew its holdings in Southern Copper by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company's stock valued at $141,149,000 after purchasing an additional 33,804 shares during the period. Finally, Legal & General Group Plc grew its holdings in Southern Copper by 1.5% during the third quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company's stock valued at $116,012,000 after purchasing an additional 14,212 shares during the period. 7.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SCCO has been the topic of a number of recent research reports. Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a research report on Wednesday, July 15th. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. UBS Group reaffirmed a "sell" rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. Morgan Stanley upped their price objective on Southern Copper from $146.00 to $158.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 8th. Finally, CICC Research downgraded Southern Copper to a "market perform" rating in a report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat.com, Southern Copper currently has a consensus rating of "Reduce" and a consensus target price of $148.60.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $199.15, for a total value of $39,830.00. Following the transaction, the director owned 1,703 shares in the company, valued at $339,152.45. This trade represents a 10.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 804 shares of company stock valued at $151,338 over the last three months. Corporate insiders own 0.07% of the company's stock.

Southern Copper Trading Up 1.1%

Shares of SCCO stock opened at $201.17 on Tuesday. Southern Copper Corporation has a 1-year low of $92.57 and a 1-year high of $223.88. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The stock has a market cap of $167.84 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 1.71 and a beta of 1.11. The stock has a 50-day moving average of $181.97 and a 200-day moving average of $184.86.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analysts' expectations of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The firm's revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts forecast that Southern Copper Corporation will post 7.63 earnings per share for the current year.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's payout ratio is currently 58.48%.

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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