Wedmont Private Capital Reduces Holdings in Southern Copper Corporation $SCCO

Wedmont Private Capital trimmed its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 4.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,473 shares of the basic materials company’s stock after selling 122 shares during the quarter. Wedmont Private Capital’s holdings in Southern Copper were worth $247,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business’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 transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,228 shares of company stock valued at $123,102 over the last ninety days. 0.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

Southern Copper Stock Performance

NYSE SCCO opened at $110.05 on Monday. The stock has a market cap of $88.49 billion, a price-to-earnings ratio of 24.08, a price-to-earnings-growth ratio of 1.62 and a beta of 0.99. The business has a fifty day moving average of $98.74 and a 200-day moving average of $95.17. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The company has a quick ratio of 4.51, a current ratio of 5.27 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. Stockholders of record on Friday, August 15th were given a $1.01 dividend. The ex-dividend date of this dividend was Friday, August 15th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a dividend yield of 3.7%. Southern Copper’s dividend payout ratio (DPR) is currently 70.02%.

Southern Copper 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.