Impact Partnership Wealth LLC Buys New Holdings in Southern Copper Corporation $SCCO

Impact Partnership Wealth LLC purchased a new stake in Southern Copper Corporation (NYSE:SCCO) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,608 shares of the basic materials company’s stock, valued at approximately $567,000.

Several other hedge funds also recently added to or reduced their stakes in SCCO. Teacher Retirement System of Texas purchased a new position in shares of Southern Copper during the first quarter worth approximately $2,637,000. Golden State Wealth Management LLC purchased a new position in shares of Southern Copper during the first quarter worth approximately $29,000. Oppenheimer & Co. Inc. purchased a new position in shares of Southern Copper during the first quarter worth approximately $337,000. GAMMA Investing LLC lifted its holdings in shares of Southern Copper by 35.2% during the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company’s stock worth $85,000 after purchasing an additional 236 shares during the period. Finally, Novem Group lifted its holdings in shares of Southern Copper by 34.4% during the first quarter. Novem Group now owns 10,758 shares of the basic materials company’s stock worth $1,005,000 after purchasing an additional 2,754 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Stock Up 2.4%

Southern Copper stock opened at $141.66 on Thursday. 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 firm has a market capitalization of $113.90 billion, a price-to-earnings ratio of 31.00, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $144.81. The stock’s fifty day moving average is $115.86 and its two-hundred day moving average is $102.27.

Southern Copper (NYSE:SCCO) last posted its earnings results on Tuesday, October 28th. The basic materials company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.09. The company had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.05 billion. Southern Copper had a return on equity of 38.08% and a net margin of 30.37%. Analysts predict that Southern Copper Corporation will post 4.66 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $3.60 annualized dividend and a yield of 2.5%. Southern Copper’s dividend payout ratio is 70.02%.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the sale, the director directly owned 2,327 shares in the company, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 1,228 shares of company stock valued at $123,102 in the last quarter. 0.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SCCO shares. Wells Fargo & Company raised Southern Copper to a “hold” rating in a report on Wednesday, October 8th. Citigroup reaffirmed a “sell” rating and set a $108.00 price target (up from $89.10) on shares of Southern Copper in a report on Wednesday, October 8th. Jefferies Financial Group set a $155.00 price target on Southern Copper and gave the company a “buy” rating in a research note on Monday, October 6th. UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. Finally, HSBC reaffirmed a “hold” rating and set a $118.00 price objective (up previously from $105.00) on shares of Southern Copper in a report on Friday, October 17th. Two 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’s stock. According to MarketBeat.com, Southern Copper has a consensus rating of “Reduce” and a consensus price target of $116.17.

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.