Southern Copper Corporation $SCCO Holdings Boosted by Bosman Wealth Management LLC

Key Points

• Bosman Wealth Management increased its Southern Copper stake by 79.2% in the third quarter to 12,869 shares valued at approximately $2.61 million. Other major institutions, including BlackRock and Bank of America, also established positions, while institutional investors collectively own 7.94% of the company.
• Southern Copper reported quarterly earnings of $2.15 per share, exceeding estimates of $2.03, while revenue reached $4.70 billion. The company also raised its quarterly dividend to $1.30, representing a 2.7% yield.
• Analyst sentiment remains cautious, with two Buy, four Hold and seven Sell ratings; the stock has an average “Reduce” rating and a consensus price target of $160.95, below its reported market price of $191.70.

Bosman Wealth Management LLC lifted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 79.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,869 shares of the basic materials company's stock after buying an additional 5,688 shares during the quarter. Southern Copper makes up about 1.6% of Bosman Wealth Management LLC's investment portfolio, making the stock its 16th largest holding. Bosman Wealth Management LLC's holdings in Southern Copper were worth $2,608,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in Southern Copper during the 2nd quarter worth $1,729,500,000. Bank of America Corp DE bought a new stake in shares of Southern Copper in the 2nd quarter worth about $318,448,000. Legal & General Group Plc acquired a new stake in shares of Southern Copper in the 2nd quarter valued at about $149,739,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Southern Copper in the 1st quarter valued at about $85,342,000. Finally, Deutsche Bank AG acquired a new stake in shares of Southern Copper in the 2nd quarter valued at about $85,770,000. Institutional investors own 7.94% of the company's stock.

Southern Copper Price Performance

SCCO opened at $191.70 on Friday. 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's 50-day moving average price is $201.36 and its 200 day moving average price is $187.47. Southern Copper Corporation has a fifty-two week low of $119.25 and a fifty-two week high of $223.88. The firm has a market cap of $159.94 billion, a price-to-earnings ratio of 25.09, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.

Shares of Southern Copper are scheduled to split before the market opens on Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly issued shares will be payable to shareholders after the market closes on Monday, November 2nd.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, October 21st. The basic materials company reported $2.15 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.12. The company had revenue of $4.70 billion during the quarter, compared to the consensus estimate of $4.49 billion. Southern Copper had a return on equity of 53.46% and a net margin of 37.16%. During the same period in the previous year, the firm posted $1.35 earnings per share. As a group, sell-side analysts expect that Southern Copper Corporation will post 8.03 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be issued a $1.30 dividend. This is a positive change from Southern Copper's previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $5.20 annualized dividend and a dividend yield of 2.7%. Southern Copper's dividend payout ratio (DPR) is 57.59%.

Analysts Set New Price Targets

Several brokerages have recently commented on SCCO. Weiss Ratings raised shares of Southern Copper from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. Wells Fargo & Company set a $193.00 price objective on Southern Copper and gave the company an "equal weight" rating in a report on Friday, October 23rd. CICC Research lowered Southern Copper to a "market perform" rating in a report on Sunday, July 26th. Barclays set a $165.00 price objective on Southern Copper and gave the company an "underweight" rating in a research note on Monday. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $170.00 target price on shares of Southern Copper in a report on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper presently has an average rating of "Reduce" and a consensus price target of $160.95.

Insider Transactions at Southern Copper

In related news, Director Luis Palomino Bonilla sold 202 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director owned 1,723 shares in the company, valued at $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 603 shares of company stock worth $120,213. Insiders own 0.07% of the company's stock.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.

Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.