Southern Copper Corporation $SCCO Stake Increased by SMART Wealth LLC

Key Points

• SMART Wealth LLC increased its Southern Copper stake by 367.5% in the second quarter, owning 17,054 shares valued at approximately $2.97 million. BlackRock and Bank of America also acquired significant new positions, while institutional investors collectively held 7.94% of the company.
• Southern Copper reported quarterly earnings of $1.99 per share, exceeding estimates of $1.93, while revenue rose 40.6% year over year to $4.29 billion. The company raised its quarterly dividend to $1.10, equivalent to a 2.2% annualized yield.
• Despite shares trading near $198, analysts remain cautious, with a consensus rating of “Reduce” and an average price target of $146.84. The stock has received three Buy, five Hold, and seven Sell ratings.

SMART Wealth LLC lifted its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 367.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,054 shares of the basic materials company's stock after buying an additional 13,406 shares during the period. SMART Wealth LLC's holdings in Southern Copper were worth $2,972,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SCCO. BlackRock Inc. acquired a new stake in Southern Copper during the 2nd quarter worth about $1,729,500,000. State Street Corp increased its holdings in shares of Southern Copper by 2.4% in the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company's stock valued at $410,646,000 after purchasing an additional 66,268 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company's stock valued at $363,873,000 after purchasing an additional 7,194 shares during the period. Bank of America Corp DE purchased a new stake in shares of Southern Copper in the second quarter worth approximately $318,448,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Southern Copper by 2.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company's stock worth $224,908,000 after purchasing an additional 27,744 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Trading Down 0.7%

Shares of SCCO stock opened at $198.17 on Friday. Southern Copper Corporation has a 12 month low of $99.87 and a 12 month 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 business's 50 day moving average is $187.43 and its two-hundred day moving average is $184.04. The company has a market cap of $165.34 billion, a PE ratio of 28.97, a price-to-earnings-growth ratio of 1.71 and a beta of 1.14.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data 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 business 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 was up 40.6% compared to the same quarter last year. Equities analysts predict that Southern Copper Corporation will post 7.59 EPS for the current year.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were issued a $1.10 dividend. This is a boost from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.2%. Southern Copper's payout ratio is 64.33%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SCCO shares. Weiss Ratings raised shares of Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Wells Fargo & Company lifted their target price on shares of Southern Copper from $168.97 to $169.96 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an "underweight" rating in a report on Thursday, July 23rd. Finally, Zacks Research downgraded shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, Southern Copper currently has a consensus rating of "Reduce" and a consensus target price of $146.84.

Insiders Place Their Bets

In other Southern Copper news, Director Luis Palomino Bonilla sold 202 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were 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 of the company's stock, valued at $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 404 shares of company stock worth $77,077. 0.07% of the stock is owned by insiders.

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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