Parvin Asset Management LLC Takes $826,000 Position in Southern Copper Corporation $SCCO

Parvin Asset Management LLC bought a new stake in shares of Southern Copper Corporation (NYSE:SCCO) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 4,738 shares of the basic materials company’s stock, valued at approximately $826,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fund Advisors of America Inc FL bought a new stake in shares of Southern Copper in the 2nd quarter valued at approximately $870,000. California Public Employees Retirement System raised its position in shares of Southern Copper by 21.2% during the 1st quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock valued at $33,126,000 after acquiring an additional 33,638 shares in the last quarter. B. Metzler seel. Sohn & Co. AG bought a new position in Southern Copper during the second quarter worth $5,266,000. RFG Advisory LLC bought a new position in Southern Copper during the fourth quarter worth $1,147,000. Finally, US Bancorp DE boosted its holdings in Southern Copper by 16.2% in the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after purchasing an additional 10,360 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Price Performance

NYSE SCCO opened at $213.68 on Thursday. Southern Copper Corporation has a 12 month low of $92.94 and a 12 month high of $223.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The firm has a market capitalization of $178.28 billion, a PE ratio of 31.24, a P/E/G ratio of 1.88 and a beta of 1.11. The company’s 50 day simple moving average is $183.73 and its 200 day simple moving average is $183.58.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. The firm had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, equities research analysts forecast that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.

Southern Copper Increases Dividend

The company also recently disclosed 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. 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 2.1%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is presently 64.33%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the sale, the director owned 1,723 shares in the company, valued at $339,066.65. This represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 509 shares of company stock valued at $97,753. 0.07% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SCCO shares. UBS Group reiterated a “sell” rating and set a $158.10 target price (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Zacks Research lowered shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Barclays set a $164.03 price objective on shares of Southern Copper and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. CICC Research cut shares of Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Finally, Scotiabank restated an “underperform” rating and issued a $138.34 target price (up from $133.40) on shares of Southern Copper in a research note on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target 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.