Financial Advocates Investment Management Has $406,000 Position in Southern Copper Corporation $SCCO

Financial Advocates Investment Management lessened its stake in Southern Copper Corporation (NYSE:SCCO) by 9.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,011 shares of the basic materials company’s stock after selling 421 shares during the period. Financial Advocates Investment Management’s holdings in Southern Copper were worth $406,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. American Financial Advisors LLC boosted its holdings in Southern Copper by 1.1% in the second quarter. American Financial Advisors LLC now owns 10,422 shares of the basic materials company’s stock valued at $1,054,000 after acquiring an additional 112 shares during the last quarter. Mutual Advisors LLC lifted its position in shares of Southern Copper by 1.7% in the 2nd quarter. Mutual Advisors LLC now owns 6,577 shares of the basic materials company’s stock worth $646,000 after purchasing an additional 113 shares during the period. PDS Planning Inc lifted its position in shares of Southern Copper by 3.7% in the 2nd quarter. PDS Planning Inc now owns 3,330 shares of the basic materials company’s stock worth $337,000 after purchasing an additional 119 shares during the period. Drive Wealth Management LLC boosted its stake in shares of Southern Copper by 5.1% in the 2nd quarter. Drive Wealth Management LLC now owns 2,504 shares of the basic materials company’s stock valued at $253,000 after purchasing an additional 121 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its position in shares of Southern Copper by 1.0% during the second quarter. IFM Investors Pty Ltd now owns 12,725 shares of the basic materials company’s stock worth $1,287,000 after buying an additional 124 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $133.17 on Friday. The business has a 50-day simple moving average of $128.99 and a 200 day simple moving average of $108.41. Southern Copper Corporation has a one year low of $74.84 and a one year high of $144.81. 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 firm has a market capitalization of $108.16 billion, a price-to-earnings ratio of 27.92, a PEG ratio of 1.29 and a beta of 1.08.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Friday, October 31st. The basic materials company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.09. The firm had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%. On average, research analysts anticipate that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, November 12th. Southern Copper’s payout ratio is 75.47%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SCCO. HSBC restated a “hold” rating and issued a $118.00 target price (up previously from $105.00) on shares of Southern Copper in a report on Friday, October 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Southern Copper in a research note on Tuesday. Zacks Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 7th. Citigroup reiterated a “sell” rating and issued a $108.00 target price (up from $89.10) on shares of Southern Copper in a report on Wednesday, October 8th. Finally, Wells Fargo & Company boosted their price target on Southern Copper from $121.00 to $137.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Southern Copper presently has a consensus rating of “Hold” and a consensus target price of $117.94.

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 on Friday, October 31st. The shares were sold at an average price of $139.35, for a total value of $27,870.00. Following the transaction, the director directly owned 1,713 shares of the company’s stock, valued at approximately $238,706.55. This trade represents a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 962 shares of company stock worth $118,232 in the last 90 days. Corporate insiders own 0.07% of the company’s stock.

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.