Philadelphia Investment Partners LLC Takes $1.91 Million Position in Southern Copper Corporation $SCCO

Key Points

• Philadelphia Investment Partners acquired 10,643 Southern Copper shares worth approximately $1.91 million, making SCCO its 25th-largest holding at 1.2% of the portfolio. Institutional investors collectively own 7.94% of the company.
• Analyst sentiment remains cautious: Southern Copper has an average “Reduce” rating and a $146.84 target price, despite mixed recommendations ranging from Buy to Sell.
• Southern Copper exceeded quarterly earnings expectations with $1.99 EPS, while revenue rose 40.6% year over year to $4.29 billion. The company also increased its quarterly dividend to $1.10 per share, equivalent to a 2.1% yield.

Philadelphia Investment Partners LLC purchased a new position 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 Securities and Exchange Commission. The fund purchased 10,643 shares of the basic materials company's stock, valued at approximately $1,909,000. Southern Copper comprises approximately 1.2% of Philadelphia Investment Partners LLC's holdings, making the stock its 25th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. SHP Wealth Management purchased a new position in Southern Copper during the 4th quarter valued at about $25,000. Bell Investment Advisors Inc acquired a new position in Southern Copper during the second quarter worth about $26,000. Rakuten Securities Inc. purchased a new stake in shares of Southern Copper in the second quarter valued at about $28,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Southern Copper in the fourth quarter valued at about $29,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Southern Copper in the fourth quarter valued at approximately $29,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Southern Copper

In other Southern Copper 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 value of $39,751.28. Following 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders sold 509 shares of company stock valued at $97,753. 0.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SCCO has been the subject of a number of recent research reports. Citigroup reissued a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. Scotiabank reaffirmed an "underperform" rating and issued a $138.34 target price (up from $133.40) on shares of Southern Copper in a research note on Monday, June 15th. Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings raised Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 28th. Finally, CICC Research cut Southern Copper to a "market perform" rating in a report on Sunday, July 26th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Southern Copper currently has an average rating of "Reduce" and an average target price of $146.84.

Southern Copper Stock Down 2.7%

SCCO stock opened at $213.68 on Thursday. The company has a 50 day moving average price of $183.73 and a two-hundred day moving average price of $183.58. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The stock has a market capitalization of $178.28 billion, a P/E ratio of 31.24, a PEG ratio of 1.88 and a beta of 1.11. Southern Copper Corporation has a one year low of $92.94 and a one year high of $223.88.

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

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.1%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. Southern Copper's dividend payout ratio (DPR) is currently 64.33%.

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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