Parvin Asset Management LLC Acquires New Holdings in Southern Copper Corporation $SCCO

Key Points

• Parvin Asset Management initiated a Southern Copper stake of 4,738 shares worth approximately $826,000 in the second quarter. Several other institutional investors also established positions, while institutions collectively own 7.94% of SCCO.
• Analyst sentiment remains cautious: Southern Copper has a consensus “Reduce” rating and an average price target of $146.84, despite recent earnings beating estimates and revenue increasing 40.6% year over year.
• Southern Copper raised its quarterly dividend from $1.00 to $1.10 per share, implying an annualized dividend of $4.40 and a 2.1% yield. The stock recently traded at $213.68, down 2.7%.

Parvin Asset Management LLC bought a new stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 4,738 shares of the basic materials company's stock, valued at approximately $826,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pure Financial Advisors LLC purchased a new stake in shares of Southern Copper in the second quarter valued at about $884,000. Transamerica Financial Advisors LLC purchased a new position in shares of Southern Copper during the 2nd quarter worth approximately $139,000. Corient Private Wealth LP acquired a new position in shares of Southern Copper during the 2nd quarter worth approximately $7,030,000. Philadelphia Investment Partners LLC acquired a new position in shares of Southern Copper during the 2nd quarter worth approximately $1,909,000. Finally, Bamco Inc. NY purchased a new stake in Southern Copper in the 2nd quarter valued at approximately $907,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business'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 owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was 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 link. In the last three months, insiders sold 509 shares of company stock worth $97,753. 0.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of analyst reports. Citigroup reiterated a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. Morgan Stanley upped their price objective on Southern Copper from $144.27 to $156.13 and gave the company an "underweight" rating in a research report on Wednesday, July 8th. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Wells Fargo & Company lifted their price objective on Southern Copper from $168.97 to $169.96 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Finally, Zacks Research downgraded shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, Southern Copper has a consensus rating of "Reduce" and a consensus price target of $146.84.

Southern Copper Trading Down 2.7%

SCCO stock opened at $213.68 on Thursday. The company has a market cap of $178.28 billion, a price-to-earnings ratio of 31.24, a PEG ratio of 1.88 and a beta of 1.11. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $183.73 and a 200-day simple moving average of $183.58. Southern Copper Corporation has a 52 week low of $92.94 and a 52 week high of $223.88.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.06. The firm 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 business's revenue was up 40.6% compared to the same quarter last year. On average, equities research analysts expect that Southern Copper Corporation will post 7.61 EPS 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 annualized dividend and a dividend yield of 2.1%. This is an increase from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's dividend payout ratio is presently 64.33%.

Southern Copper Company 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.

Want to see what other hedge funds are holding SCCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Copper Corporation (NYSE:SCCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source