Pinnbrook Capital Management LP Makes New Investment in Southern Copper Corporation $SCCO

Key Points

• Pinnbrook Capital Management opened a new position in Southern Copper in Q3, buying 24,882 shares valued at about $3.02 million.
• Southern Copper raised its quarterly dividend to $1.00 (from $0.90), equal to $4.00 annually for a 2.3% yield and a payout ratio of roughly 75%.
• Analyst sentiment is mixed-to-negative — MarketBeat shows an average rating of "Reduce" with an average target of $139.99, while the stock (market cap ≈ $138.9B) recently traded near $171 and was down 5.3%.

Pinnbrook Capital Management LP acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 24,882 shares of the basic materials company's stock, valued at approximately $3,020,000.

Other institutional investors also recently modified their holdings of the company. MJT & Associates Financial Advisory Group Inc. boosted its holdings in shares of Southern Copper by 65.1% in the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company's stock worth $26,000 after acquiring an additional 84 shares in the last quarter. Covestor Ltd increased its holdings in Southern Copper by 30.4% during the 3rd quarter. Covestor Ltd now owns 360 shares of the basic materials company's stock valued at $44,000 after purchasing an additional 84 shares in the last quarter. Avanza Fonder AB raised its position in Southern Copper by 1.0% in the 3rd quarter. Avanza Fonder AB now owns 8,663 shares of the basic materials company's stock valued at $1,051,000 after purchasing an additional 86 shares during the last quarter. Redwood Wealth Management Group LLC raised its position in Southern Copper by 1.5% in the 3rd quarter. Redwood Wealth Management Group LLC now owns 5,999 shares of the basic materials company's stock valued at $728,000 after purchasing an additional 89 shares during the last quarter. Finally, Powell Investment Advisors LLC boosted its stake in Southern Copper by 1.0% in the third quarter. Powell Investment Advisors LLC now owns 9,637 shares of the basic materials company's stock worth $1,170,000 after purchasing an additional 96 shares in the last quarter. Institutional investors own 7.94% of the company's stock.

Southern Copper Stock Down 5.3%

NYSE SCCO opened at $171.05 on Friday. The stock has a market capitalization of $138.92 billion, a P/E ratio of 32.15, a price-to-earnings-growth ratio of 1.86 and a beta of 1.03. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $223.88. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.40 and a current ratio of 3.89. The stock has a fifty day moving average of $190.66 and a 200-day moving average of $148.84.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 10th were given a $1.00 dividend. The ex-dividend date was Tuesday, February 10th. This is a positive change from Southern Copper's previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Southern Copper's dividend payout ratio is 75.19%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Bank of America cut Southern Copper from a "neutral" rating to an "underperform" rating and increased their target price for the stock from $162.00 to $175.00 in a report on Thursday, February 26th. Wells Fargo & Company set a $190.38 price target on Southern Copper and gave the company an "equal weight" rating in a report on Thursday, January 29th. Scotiabank reissued an "underperform" rating on shares of Southern Copper in a report on Tuesday, January 27th. Weiss Ratings restated a "buy (b)" rating on shares of Southern Copper in a research report on Monday, December 29th. Finally, UBS Group reaffirmed a "sell" rating and issued a $148.74 target price (up from $146.75) on shares of Southern Copper in a research note on Tuesday, February 3rd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have assigned a Sell rating to the company. According to data from MarketBeat.com, Southern Copper presently has an average rating of "Reduce" and an average target price of $139.99.

Insider Buying and Selling

In other Southern Copper news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the completion of the sale, the director directly owned 605 shares of the company's stock, valued at approximately $126,783.04. The trade was a 93.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.07% of the stock is currently owned by 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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