Corient Private Wealth LP Makes New $7.03 Million Investment in Southern Copper Corporation $SCCO

Corient Private Wealth LP acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, HoldingsChannel reports. The firm acquired 40,340 shares of the basic materials company’s stock, valued at approximately $7,030,000.

Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Southern Copper during the second quarter worth $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in Southern Copper in the second quarter valued at $696,621,000. State Street Corp lifted its stake in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock valued at $410,646,000 after acquiring an additional 66,268 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after acquiring an additional 7,194 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of Southern Copper in the 2nd quarter valued at about $318,448,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the transaction, the director directly owned 1,723 shares of the company’s stock, valued at $339,066.65. This represents a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 509 shares of company stock valued at $97,753. 0.07% of the stock is owned by corporate insiders.

Southern Copper Price Performance

NYSE:SCCO opened at $211.58 on Monday. Southern Copper Corporation has a one year low of $92.94 and a one year high of $223.88. The company has a market cap of $176.53 billion, a P/E ratio of 30.93, a P/E/G ratio of 1.80 and a beta of 1.11. The firm’s fifty day moving average price is $184.67 and its two-hundred day moving average price is $183.78. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. The company had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm’s revenue was up 40.6% compared to the same quarter last year. Equities analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were paid a $1.10 dividend. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. Southern Copper’s dividend payout ratio (DPR) is currently 64.33%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup reiterated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. boosted their price target on Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings upgraded Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $146.84.

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.