Cadence Wealth Management LLC Buys Shares of 3,865 Southern Copper Corporation $SCCO

Cadence Wealth Management LLC purchased a new position in Southern Copper Corporation (NYSE:SCCO) in the second quarter, HoldingsChannel reports. The institutional investor purchased 3,865 shares of the basic materials company’s stock, valued at approximately $674,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in shares of Southern Copper by 42.1% during the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares during the last quarter. Empowered Funds LLC increased its stake in Southern Copper by 17.9% in the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after acquiring an additional 1,020 shares during the last quarter. Focus Partners Wealth increased its stake in Southern Copper by 21.5% in the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after acquiring an additional 1,052 shares during the last quarter. First Trust Advisors LP raised its position in Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after purchasing an additional 19,957 shares in the last quarter. Finally, Baird Financial Group Inc. raised its position in Southern Copper by 17.7% during the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock valued at $492,000 after purchasing an additional 731 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Southern Copper stock opened at $216.30 on Friday. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $180.47 billion, a PE ratio of 31.62, a P/E/G ratio of 1.85 and a beta of 1.11. The firm has a fifty day simple moving average of $182.23 and a two-hundred day simple moving average of $183.20. Southern Copper Corporation has a twelve month low of $92.94 and a twelve month high of $223.88.

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

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.0%. Southern Copper’s dividend payout ratio is presently 64.33%.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director directly owned 1,723 shares in the company, valued at $339,066.65. This represents a 10.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 509 shares of company stock worth $97,753. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Southern Copper from $125.49 to $129.94 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Morgan Stanley raised their price objective on Southern Copper from $144.27 to $156.13 and gave the company an “underweight” rating in a report on Wednesday, July 8th. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Finally, UBS Group reaffirmed a “sell” rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $146.84.

About Southern Copper

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.