Oppenheimer Asset Management Inc. Invests $7.82 Million in Southern Copper Corporation $SCCO

Key Points

• Oppenheimer Asset Management acquired 44,885 Southern Copper shares worth approximately $7.82 million, while institutional investors overall own 7.94% of the company.
• Southern Copper reported quarterly EPS of $1.99, beating estimates of $1.93, while revenue rose 40.6% year over year to $4.29 billion. The company also increased its quarterly dividend to $1.10 per share, implying a 2.4% yield.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating and an average price target of $146.84, below its reported trading price of $184.42.

Oppenheimer Asset Management Inc. purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 44,885 shares of the basic materials company's stock, valued at approximately $7,822,000.

A number of other hedge funds also recently bought and sold shares of the business. SHP Wealth Management acquired a new position in shares of Southern Copper during the 4th quarter worth approximately $25,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Southern Copper in the fourth quarter valued at approximately $29,000. Virtus Advisers LLC acquired a new stake in shares of Southern Copper in the fourth quarter valued at approximately $29,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Southern Copper in the fourth quarter valued at approximately $30,000. Finally, IFP Advisors Inc lifted its position in Southern Copper by 233.3% during the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock worth $33,000 after buying an additional 161 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Trading Down 1.7%

SCCO opened at $184.42 on Friday. Southern Copper Corporation has a one year low of $92.57 and a one year high of $223.88. The stock has a market capitalization of $153.87 billion, a PE ratio of 26.96, a P/E/G ratio of 1.62 and a beta of 1.11. The business's 50 day moving average price is $179.90 and its 200 day moving average price is $182.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping 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 company had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. Southern Copper's revenue was up 40.6% compared to the same quarter last year. As a group, equities research analysts expect that Southern Copper Corporation will post 7.61 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's dividend payout ratio (DPR) is currently 64.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wall Street Zen lowered 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 issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Barclays set a $164.03 price target on Southern Copper and gave the stock an "underweight" rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price target on shares of Southern Copper from $125.49 to $129.94 and gave the company an "underweight" rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings raised shares of Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $146.84.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction 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 trade represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 711 shares of company stock worth $133,247. Corporate insiders own 0.07% of the company's stock.

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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