Sigma Planning Corp Purchases 8,744 Shares of Southern Copper Corporation $SCCO

Key Points

• Sigma Planning Corp increased its stake in Southern Copper by 383.2% in the first quarter, buying 8,744 additional shares and bringing its total holding to 11,026 shares worth about $1.9 million.
• Institutional interest in SCCO remains active, with several other hedge funds and investors adding positions; overall, about 7.94% of the stock is owned by institutional investors.
• Analyst sentiment is mixed but cautious: the consensus rating is “Reduce” with a $148.10 price target, while Southern Copper also recently paid a quarterly dividend of $1.00 per share, or $4.00 annualized, for a 2.3% yield.

Sigma Planning Corp raised its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 383.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,026 shares of the basic materials company's stock after acquiring an additional 8,744 shares during the quarter. Sigma Planning Corp's holdings in Southern Copper were worth $1,897,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. The Goldman Sachs Group raised Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target for the company in a report on Friday, April 10th. Zacks Research raised Southern Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 9th. Barclays reaffirmed an "underweight" rating and set a $160.00 price objective (up from $148.00) on shares of Southern Copper in a research report on Wednesday. UBS Group reissued a "sell" rating and issued a $160.00 target price (up from $145.00) on shares of Southern Copper in a report on Tuesday, June 30th. Finally, Wells Fargo & Company raised their target price on shares of Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the company's stock. According to MarketBeat, Southern Copper presently has a consensus rating of "Reduce" and a consensus price target of $148.10.

Southern Copper Price Performance

NYSE:SCCO opened at $175.89 on Friday. The business's 50-day simple moving average is $181.30 and its two-hundred day simple moving average is $182.06. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The stock has a market cap of $145.30 billion, a PE ratio of 29.07, a P/E/G ratio of 1.55 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.

Southern Copper Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were paid a dividend of $1.00 per share. 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 dividend payout ratio (DPR) is 66.12%.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director directly owned 1,807 shares of the company's stock, valued at approximately $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 404 shares of company stock worth $74,108. 0.07% of the stock is currently owned by company 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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