United Capital Financial Advisors LLC Acquires Shares of 6,381 Southern Copper Corporation $SCCO

Key Points

• United Capital Financial Advisors acquired 6,381 Southern Copper shares worth approximately $1.1 million during the second quarter. Several other institutional investors also increased their positions, while institutional ownership stands at 7.94%.
• Southern Copper reported quarterly EPS of $1.99, exceeding estimates of $1.93, while revenue rose 40.6% year over year to $4.29 billion. The company also raised its quarterly dividend to $1.10 per share, representing a 2.1% annualized yield.
• SCCO shares recently traded at $211.58, near their 52-week high, but analysts remain cautious: the stock carries an average “Reduce” rating and a consensus price target of $146.84.

United Capital Financial Advisors LLC purchased a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,381 shares of the basic materials company's stock, valued at approximately $1,099,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in shares of Southern Copper by 42.1% in the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company's stock worth $4,194,000 after buying an additional 13,293 shares during the period. Empowered Funds LLC increased its stake in shares of Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company's stock valued at $627,000 after buying an additional 1,020 shares during the period. Focus Partners Wealth raised its holdings in shares of Southern Copper by 21.5% in the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company's stock valued at $556,000 after acquiring an additional 1,052 shares in the last quarter. First Trust Advisors LP lifted its stake in Southern Copper by 37.4% in the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company's stock worth $7,424,000 after acquiring an additional 19,957 shares during the period. Finally, Baird Financial Group Inc. lifted its stake in Southern Copper by 17.7% in the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company's stock worth $492,000 after acquiring an additional 731 shares during the period. Institutional investors own 7.94% of the company's stock.

Southern Copper Stock Performance

SCCO stock opened at $211.58 on Friday. The firm has a market cap of $176.53 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 1.80 and a beta of 1.11. The firm has a 50-day simple moving average of $184.67 and a two-hundred day simple moving average of $183.92. Southern Copper Corporation has a one year low of $92.94 and a one year high of $223.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.93 by $0.06. The firm 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 49.04%. The business's revenue was up 40.6% on a year-over-year basis. On average, equities analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Tuesday, August 11th. 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 dividend yield of 2.1%. Southern Copper's payout ratio is currently 64.33%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business's stock in a transaction that occurred 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 sale, the director owned 1,723 shares of the company's stock, valued at approximately $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 509 shares of company stock worth $97,753. Corporate insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

SCCO has been the topic of several recent research reports. Wells Fargo & Company increased their target price on shares of Southern Copper from $168.97 to $169.96 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays set a $164.03 price objective on shares of Southern Copper and gave the company an "underweight" rating in a research note on Thursday, July 23rd. Weiss Ratings raised shares of Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Finally, UBS Group reissued a "sell" rating and issued a $158.10 price objective (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $146.84.

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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