Envestnet Asset Management Inc. Acquires 2,330 Shares of Southern Copper Corporation $SCCO

Envestnet Asset Management Inc. increased its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 7.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,674 shares of the basic materials company’s stock after purchasing an additional 2,330 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Southern Copper were worth $3,205,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in Southern Copper by 1.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 25,454 shares of the basic materials company’s stock valued at $2,575,000 after buying an additional 248 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Southern Copper by 10.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 22,059 shares of the basic materials company’s stock worth $2,232,000 after acquiring an additional 2,122 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in Southern Copper by 4.4% during the second quarter. Asset Management One Co. Ltd. now owns 17,123 shares of the basic materials company’s stock valued at $1,732,000 after acquiring an additional 715 shares in the last quarter. Private Capital Advisors Inc. bought a new stake in Southern Copper in the 2nd quarter valued at $11,995,000. Finally, D.A. Davidson & CO. lifted its stake in Southern Copper by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 24,318 shares of the basic materials company’s stock worth $2,460,000 after purchasing an additional 239 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $139.35, for a total value of $27,870.00. Following the completion of the sale, the director owned 1,713 shares of the company’s stock, valued at $238,706.55. This trade represents a 10.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 962 shares of company stock valued at $118,232. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Shares of Southern Copper stock opened at $130.73 on Friday. The stock has a market cap of $106.18 billion, a price-to-earnings ratio of 27.41, a price-to-earnings-growth ratio of 1.29 and a beta of 1.08. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The stock has a 50 day moving average price of $125.13 and a 200-day moving average price of $106.17. Southern Copper Corporation has a one year low of $74.84 and a one year high of $144.81.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.09. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%.The company had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.05 billion. Equities analysts expect that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Wednesday, November 12th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, November 12th. Southern Copper’s dividend payout ratio is presently 75.47%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group restated a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Wells Fargo & Company raised their price target on Southern Copper from $121.00 to $137.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 7th. JPMorgan Chase & Co. increased their target price on Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a research report on Monday, October 27th. Finally, Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $117.94.

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.