Precision Wealth Strategies LLC Takes Position in Southern Copper Corporation $SCCO

Key Points

• Precision Wealth Strategies LLC initiated a new position in Southern Copper during the first quarter, buying 16,095 shares worth about $2.77 million. The stake now represents roughly 0.9% of the firm’s portfolio.
• Institutional interest remains active, with several hedge funds and asset managers adding to SCCO, and institutional investors now owning about 7.94% of the stock.
• Southern Copper paid a recent quarterly dividend of $1.00 per share, implying an annualized dividend of $4.00 and a 2.3% yield. The company also has a relatively modest debt-to-equity ratio of 0.57.

Precision Wealth Strategies LLC bought a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 16,095 shares of the basic materials company's stock, valued at approximately $2,769,000. Southern Copper comprises about 0.9% of Precision Wealth Strategies LLC's holdings, making the stock its 29th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SCCO. National Wealth Management Group LLC purchased a new stake in Southern Copper in the fourth quarter valued at approximately $1,281,000. Nordea Investment Management AB grew its position in shares of Southern Copper by 74.0% during the fourth quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company's stock worth $37,142,000 after acquiring an additional 109,857 shares during the last quarter. Savvy Advisors Inc. purchased a new position in shares of Southern Copper during the fourth quarter worth approximately $1,434,000. Oak Harvest Investment Services acquired a new position in shares of Southern Copper in the 4th quarter valued at $7,650,000. Finally, US Bancorp DE increased its holdings in shares of Southern Copper by 16.2% in the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company's stock valued at $10,687,000 after acquiring an additional 10,360 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 404 shares of company stock worth $74,108. 0.07% of the stock is currently owned by corporate insiders.

Southern Copper Price Performance

Southern Copper stock opened at $172.22 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The business has a 50 day simple moving average of $181.03 and a 200-day simple moving average of $181.99. Southern Copper Corporation has a 12 month low of $88.73 and a 12 month high of $223.88. The stock has a market capitalization of $142.26 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 1.47 and a beta of 1.11.

Southern Copper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper's payout ratio is currently 66.12%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SCCO. Barclays reiterated an "underweight" rating and set a $160.00 price target (up from $148.00) on shares of Southern Copper in a research note on Wednesday. Citigroup restated a "positive" rating on shares of Southern Copper in a research note on Wednesday. Scotiabank reaffirmed an "underperform" rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Zacks Research upgraded shares of Southern Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company raised their price target on Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and seven have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $148.10.

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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