RFG Advisory LLC Boosts Stock Position in Southern Copper Corporation $SCCO

Key Points

• RFG Advisory increased its Southern Copper stake by 143.7% in the second quarter, bringing its holdings to 21,727 shares valued at approximately $3.8 million. Other institutions also added positions, though institutional ownership remains relatively low at 7.94%.
• Southern Copper reported quarterly EPS of $1.99, beating estimates, while revenue rose 40.6% year over year to $4.29 billion. The company also raised its quarterly dividend to $1.10 per share, representing a 2.1% yield.
• SCCO shares opened at $209.76, near the upper end of their 52-week range, but analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating and an average price target of $146.84.

RFG Advisory LLC boosted its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 143.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,727 shares of the basic materials company's stock after purchasing an additional 12,811 shares during the quarter. RFG Advisory LLC's holdings in Southern Copper were worth $3,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. IFP Advisors Inc boosted its stake in shares of Southern Copper by 19.5% during the 2nd quarter. IFP Advisors Inc now owns 7,859 shares of the basic materials company's stock worth $1,370,000 after purchasing an additional 1,285 shares during the last quarter. Baird Financial Group Inc. raised its position in shares of Southern Copper by 2.4% in the second quarter. Baird Financial Group Inc. now owns 3,546 shares of the basic materials company's stock valued at $618,000 after buying an additional 83 shares during the last quarter. Allworth Financial LP raised its position in shares of Southern Copper by 320.7% in the second quarter. Allworth Financial LP now owns 9,824 shares of the basic materials company's stock valued at $1,712,000 after buying an additional 7,489 shares during the last quarter. Nykredit A S acquired a new position in shares of Southern Copper in the second quarter valued at approximately $13,689,000. Finally, HighTower Advisors LLC lifted its stake in shares of Southern Copper by 11.9% during the second quarter. HighTower Advisors LLC now owns 58,421 shares of the basic materials company's stock valued at $10,180,000 after buying an additional 6,195 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Luis Palomino Bonilla sold 202 shares of the business'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 transaction, the director owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 504 shares of company stock worth $97,077 over the last 90 days. 0.07% of the stock is currently owned by insiders.

Southern Copper Trading Up 0.6%

SCCO stock opened at $209.76 on Thursday. The business has a fifty day simple moving average of $189.67 and a 200-day simple moving average of $184.30. Southern Copper Corporation has a 52 week low of $100.43 and a 52 week high of $223.88. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The company has a market cap of $175.01 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 1.92 and a beta of 1.14.

Southern Copper (NYSE:SCCO - Get Free Report) last announced 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. The firm had revenue of $4.29 billion during the quarter, compared to analysts' expectations of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. Southern Copper's revenue for the quarter was up 40.6% on a year-over-year basis. On average, equities research analysts expect that Southern Copper Corporation will post 7.59 EPS for the current year.

Southern Copper Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SCCO shares. CICC Research lowered shares of Southern Copper to a "market perform" rating in a research report on Sunday, July 26th. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Citigroup reissued a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. JPMorgan Chase & Co. raised their price objective on Southern Copper from $125.49 to $129.94 and gave the stock an "underweight" rating in a report on Wednesday, June 17th. Finally, Zacks Research lowered Southern Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the company's stock. According to MarketBeat.com, Southern Copper currently has a consensus rating of "Reduce" and an average price target of $146.84.

About Southern Copper

Southern Copper Corporation NYSE: SCCO is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.

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