PDT Partners LLC Makes New $1.72 Million Investment in Southern Copper Corporation $SCCO

Key Points

• PDT Partners purchased a new 9,840-share stake in Southern Copper valued at approximately $1.72 million during the second quarter. Institutional investors collectively own 7.94% of the company.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $146.84, despite several analysts raising their targets.
• Southern Copper reported quarterly EPS of $1.99, exceeding estimates, while revenue rose 40.6% year over year to $4.29 billion. The company also increased its quarterly dividend to $1.10 per share, representing a 2.1% annualized yield.

PDT Partners LLC purchased a new stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 9,840 shares of the basic materials company's stock, valued at approximately $1,715,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SHP Wealth Management bought a new position in shares of Southern Copper during the 4th quarter valued at approximately $25,000. Bell Investment Advisors Inc purchased a new position in shares of Southern Copper during the 2nd quarter valued at $26,000. Rakuten Securities Inc. bought a new position in Southern Copper in the 2nd quarter worth $28,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper in the fourth quarter valued at about $29,000. Finally, Virtus Advisers LLC bought a new position in shares of Southern Copper in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 7.94% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on SCCO shares. Weiss Ratings raised Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. UBS Group reiterated a "sell" rating and set a $158.10 price objective (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Scotiabank reissued an "underperform" rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. CICC Research lowered Southern Copper to a "market perform" rating in a research report on Sunday, July 26th. Finally, Barclays set a $164.03 target price on Southern Copper and gave the stock an "underweight" rating in a report on Thursday, July 23rd. Three equities 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $146.84.

Southern Copper Stock Performance

Southern Copper stock opened at $213.68 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a 1-year low of $92.94 and a 1-year high of $223.88. The firm has a market capitalization of $178.28 billion, a P/E ratio of 31.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company's 50-day moving average is $183.73 and its 200 day moving average is $183.58.

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 (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. The business's revenue was up 40.6% on a year-over-year basis. Research analysts forecast 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. Investors of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. 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 2.1%. This is an increase from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's dividend payout ratio is 64.33%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business's stock in a transaction on 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 transaction, the director owned 1,723 shares in the company, valued at $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders sold 509 shares of company stock worth $97,753. 0.07% of the stock is currently owned by company insiders.

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.

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