Parallel Advisors LLC Has $474,000 Holdings in Southern Copper Corporation $SCCO

Parallel Advisors LLC boosted its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 30.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,682 shares of the basic materials company’s stock after purchasing an additional 1,081 shares during the quarter. Parallel Advisors LLC’s holdings in Southern Copper were worth $474,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Cullen Frost Bankers Inc. increased its holdings in Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company’s stock valued at $25,000 after buying an additional 147 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper in the 1st quarter worth about $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper in the 1st quarter worth about $34,000. Quarry LP bought a new stake in shares of Southern Copper in the 1st quarter worth about $41,000. Finally, Twin Tree Management LP grew its holdings in Southern Copper by 583.5% during the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 531 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SCCO has been the topic of a number of research analyst reports. Morgan Stanley reissued an “underweight” rating and set a $99.00 price objective (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Itau BBA Securities upgraded shares of Southern Copper from an “underperform” rating to a “market perform” rating in a research report on Wednesday, June 11th. JPMorgan Chase & Co. upped their target price on shares of Southern Copper from $79.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group set a $89.00 price target on shares of Southern Copper and gave the company a “sell” rating in a research report on Wednesday. Finally, UBS Group reiterated a “buy” rating on shares of Southern Copper in a research report on Friday. Four analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Southern Copper currently has a consensus rating of “Reduce” and an average target price of $93.67.

Southern Copper Trading Up 2.6%

NYSE SCCO opened at $110.05 on Friday. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $121.44. The firm has a market capitalization of $88.49 billion, a P/E ratio of 24.08, a PEG ratio of 1.58 and a beta of 0.99. The business has a fifty day simple moving average of $98.74 and a 200 day simple moving average of $95.11. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were paid a $1.01 dividend. The ex-dividend date was Friday, August 15th. This represents a $4.04 annualized dividend and a yield of 3.7%. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. Southern Copper’s dividend payout ratio is 70.02%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the transaction, the director owned 2,327 shares in the company, valued at $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 1,228 shares of company stock valued at $123,102. 0.07% of the stock is owned by company insiders.

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.