Affinity Wealth Management LLC Invests $3.38 Million in Southern Copper Corporation $SCCO

Affinity Wealth Management LLC acquired a new stake in Southern Copper Corporation (NYSE:SCCO) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 23,554 shares of the basic materials company’s stock, valued at approximately $3,379,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Rakuten Investment Management Inc. acquired a new stake in Southern Copper in the third quarter worth $2,976,000. Nordea Investment Management AB increased its position in shares of Southern Copper by 5.7% in the 3rd quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company’s stock valued at $17,778,000 after buying an additional 7,995 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Southern Copper by 2,631.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company’s stock worth $1,631,000 after buying an additional 12,949 shares during the period. Alps Advisors Inc. raised its stake in Southern Copper by 54.2% during the 3rd quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company’s stock worth $4,326,000 after buying an additional 12,532 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Southern Copper by 159.8% during the third quarter. Principal Financial Group Inc. now owns 10,308 shares of the basic materials company’s stock worth $1,251,000 after acquiring an additional 6,341 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insider Buying and Selling

In other news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the sale, the director owned 605 shares of the company’s stock, valued at $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 193 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $174.60, for a total transaction of $33,697.80. Following the transaction, the director owned 1,707 shares of the company’s stock, valued at $298,042.20. The trade was a 10.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 9,526 shares of company stock worth $1,989,373 over the last quarter. 0.07% of the stock is owned by corporate insiders.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $172.06 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.89 and a quick ratio of 3.40. The firm has a market cap of $140.94 billion, a price-to-earnings ratio of 32.34, a price-to-earnings-growth ratio of 1.64 and a beta of 1.03. The stock’s 50-day moving average is $189.11 and its 200-day moving average is $155.03. Southern Copper Corporation has a one year low of $74.84 and a one year high of $223.88.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Wednesday, January 28th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.73 billion. Southern Copper had a return on equity of 41.97% and a net margin of 32.30%.During the same period last year, the company earned $0.98 earnings per share. Equities analysts predict that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date was Tuesday, February 10th. Southern Copper’s dividend payout ratio is 75.19%.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent analyst reports. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Bank of America cut Southern Copper from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $162.00 to $175.00 in a report on Thursday, February 26th. Morgan Stanley reiterated an “underweight” rating and issued a $154.69 price objective on shares of Southern Copper in a research report on Friday, January 30th. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a report on Friday. Finally, Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $139.20.

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.