Summit Financial LLC Purchases 6,692 Shares of Southern Copper Corporation $SCCO

Key Points

• Summit Financial LLC increased its stake in Southern Copper Corporation by 21.4% in Q1, acquiring an additional 6,692 shares, bringing its total ownership to 38,004 shares valued at approximately $3.55 million.
• Southern Copper recently announced a significant dividend increase, with a payout of $1.01 per share, up from $0.62, representing a yield of 270.0%.
• Several brokerages downgraded Southern Copper's stock rating, with JPMorgan Chase & Co. lowering its price target from $83.50 to $79.00 and setting a "neutral" rating.

Summit Financial LLC raised its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 21.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,004 shares of the basic materials company's stock after acquiring an additional 6,692 shares during the period. Summit Financial LLC's holdings in Southern Copper were worth $3,552,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SCCO. Cullen Frost Bankers Inc. boosted its holdings in shares of Southern Copper by 117.6% during the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after acquiring an additional 147 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper during the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper during the first quarter worth approximately $34,000. IFP Advisors Inc boosted its holdings in shares of Southern Copper by 53.7% during the first quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after acquiring an additional 256 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after buying an additional 236 shares during the period. Institutional investors own 7.94% of the company's stock.

Southern Copper Stock Up 0.0%

NYSE SCCO opened at $93.7440 on Friday. The business has a fifty day moving average price of $97.94 and a two-hundred day moving average price of $93.94. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The stock has a market capitalization of $75.38 billion, a PE ratio of 20.51, a PEG ratio of 1.37 and a beta of 1.00.

Southern Copper Increases Dividend

The firm also recently announced a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be paid a dividend of $1.01 per share. The ex-dividend date is Friday, August 15th. This is a boost from Southern Copper's previous -- dividend of $0.62. This represents a yield of 270.0%. Southern Copper's dividend payout ratio is currently 70.02%.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director directly owned 2,327 shares in the company, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SCCO. JPMorgan Chase & Co. cut their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target for the company. in a research note on Tuesday, July 1st. Morgan Stanley reiterated an "underweight" rating and issued a $99.00 price target (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. Four analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $91.00.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.

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