D.A. Davidson & CO. Increases Holdings in Southern Copper Corporation $SCCO

D.A. Davidson & CO. grew its holdings in Southern Copper Corporation (NYSE:SCCO) by 1.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 24,318 shares of the basic materials company’s stock after acquiring an additional 239 shares during the period. D.A. Davidson & CO.’s holdings in Southern Copper were worth $2,460,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. lifted its position 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 shares of Southern Copper in the first quarter worth about $29,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Southern Copper in the first quarter worth about $34,000. Quarry LP purchased a new stake in shares of Southern Copper in the first quarter worth about $41,000. Finally, Hilltop National Bank purchased a new stake in shares of Southern Copper in the second quarter worth about $53,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on SCCO. Morgan Stanley set a $132.00 target price on Southern Copper and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. UBS Group reiterated a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. 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, September 17th. Wells Fargo & Company upgraded Southern Copper to a “hold” rating in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group set a $155.00 target price on Southern Copper and gave the stock a “buy” rating in a research report on Monday, October 6th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Southern Copper currently has an average rating of “Reduce” and an average target price of $110.78.

Insider Transactions at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director owned 2,327 shares of the company’s stock, valued at approximately $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 1,228 shares of company stock worth $123,102 in the last quarter. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Trading Up 0.8%

Shares of SCCO stock opened at $129.41 on Friday. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $136.49. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. The stock’s 50 day simple moving average is $113.27 and its two-hundred day simple moving average is $101.02. The company has a market cap of $104.05 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.02.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.90 per share. The ex-dividend date is Wednesday, November 12th. This represents a $3.60 dividend on an annualized basis and a yield of 2.8%. Southern Copper’s dividend payout ratio is 70.02%.

About Southern Copper

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.