Southern Copper Corporation $SCCO Shares Bought by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its Southern Copper stake by 7.7% in the first quarter, bringing its holdings to 118,171 shares valued at approximately $20.3 million. Institutional investors collectively own 7.94% of SCCO.
• Analyst sentiment remains mixed, with MarketBeat reporting a consensus “Reduce” rating and an average price target of $148.60, below SCCO’s reported opening price of $175.20.
• Southern Copper reported quarterly EPS of $2.01, exceeding estimates, while revenue rose 40.6% year over year. The company also raised its quarterly dividend to $1.10 per share and announced a 1.012-for-1 stock split effective August 11.

First Trust Advisors LP grew its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 118,171 shares of the basic materials company's stock after acquiring an additional 8,479 shares during the quarter. First Trust Advisors LP's holdings in Southern Copper were worth $20,332,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SCCO. SHP Wealth Management acquired a new position in shares of Southern Copper during the fourth quarter valued at about $25,000. Lloyd Advisory Services LLC. acquired a new stake in Southern Copper in the 4th quarter worth approximately $29,000. Virtus Advisers LLC purchased a new stake in Southern Copper during the 4th quarter worth approximately $29,000. Godfrey Financial Associates Inc. purchased a new stake in Southern Copper during the 4th quarter worth approximately $30,000. Finally, IFP Advisors Inc increased its stake in 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 purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wall Street Zen raised shares of Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. CICC Research lowered shares of Southern Copper to a "market perform" rating in a report on Sunday. Barclays set a $166.00 target price on Southern Copper and gave the company an "underweight" rating in a research report on Thursday, July 23rd. The Goldman Sachs Group upgraded Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 target price for the company in a research note on Friday, April 10th. Finally, Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $148.60.

Insider Transactions at Southern Copper

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 value of $35,564.00. Following the sale, the director directly owned 1,807 shares of the company's stock, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 504 shares of company stock worth $92,008 in the last three months. Insiders own 0.07% of the company's stock.

Southern Copper Stock Performance

SCCO opened at $175.20 on Thursday. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $144.72 billion, a PE ratio of 25.61, a P/E/G ratio of 1.54 and a beta of 1.11. The firm has a 50 day moving average of $181.13 and a two-hundred day moving average of $184.02.

Southern Copper's stock is scheduled to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Monday, August 10th.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 50.74%. The firm's revenue for the quarter was up 40.6% compared to the same quarter last year. On average, analysts anticipate that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given 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 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, August 11th. Southern Copper's payout ratio is presently 58.48%.

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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