Quadrant Private Wealth Management LLC Reduces Stock Holdings in Southern Copper Corporation $SCCO

Key Points

• Quadrant Private Wealth Management cut its Southern Copper stake by 89% in the first quarter, selling 25,999 shares and leaving it with 3,203 shares worth about $551,000.
• Analyst sentiment remains cautious: Southern Copper has a “Reduce” consensus rating, with a consensus price target of $148.10, though a few firms recently adjusted targets or upgraded the stock.
• The company also reported a quarterly dividend of $1.00 per share, equal to a 2.3% yield, while the stock recently traded at $172.22 and remains near the middle of its 52-week range.

Quadrant Private Wealth Management LLC lowered its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 89.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,203 shares of the basic materials company's stock after selling 25,999 shares during the quarter. Quadrant Private Wealth Management LLC's holdings in Southern Copper were worth $551,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. SHP Wealth Management purchased a new position in shares of Southern Copper in the fourth quarter worth approximately $25,000. Lloyd Advisory Services LLC. bought a new position in Southern Copper in the fourth quarter worth approximately $29,000. Virtus Advisers LLC purchased a new position in shares of Southern Copper during the 4th quarter worth $29,000. Godfrey Financial Associates Inc. purchased a new position in shares of Southern Copper during the 4th quarter worth $30,000. Finally, IFP Advisors Inc grew its position in shares of Southern Copper by 233.3% during the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock valued at $33,000 after acquiring an additional 161 shares during the period. Institutional investors own 7.94% of the company's stock.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of recent research reports. Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a report on Wednesday. Morgan Stanley raised their price objective on Southern Copper from $146.00 to $158.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 8th. Scotiabank reiterated an "underperform" rating and set a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Barclays reissued an "underweight" rating and issued a $160.00 target price (up from $148.00) on shares of Southern Copper in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Southern Copper from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat, Southern Copper currently has a consensus rating of "Reduce" and a consensus price target of $148.10.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction that occurred 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 sale, the director directly owned 1,807 shares of the company's stock, valued at $321,320.74. This trade represents a 9.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 404 shares of company stock valued at $74,108. Corporate insiders own 0.07% of the company's stock.

Southern Copper Price Performance

Shares of Southern Copper stock opened at $172.22 on Friday. The company has a market capitalization of $142.26 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 1.47 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The stock's 50-day simple moving average is $181.03 and its 200-day simple moving average is $181.99. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88.

Southern Copper Announces Dividend

The firm also recently declared 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 was Wednesday, May 13th. Southern Copper's dividend payout ratio is presently 66.12%.

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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