RWC Asset Advisors US LLC Reduces Stock Position in Southern Copper Corporation $SCCO

RWC Asset Advisors US LLC decreased its position in Southern Copper Corporation (NYSE:SCCO) by 34.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,594 shares of the basic materials company’s stock after selling 2,933 shares during the quarter. Southern Copper comprises about 0.2% of RWC Asset Advisors US LLC’s holdings, making the stock its 16th largest position. RWC Asset Advisors US LLC’s holdings in Southern Copper were worth $975,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new stake in shares of Southern Copper during the second quarter worth about $26,000. Rakuten Securities Inc. acquired a new position in shares of Southern Copper in the second quarter valued at approximately $28,000. SHP Wealth Management purchased a new position in shares of Southern Copper during the fourth quarter valued at approximately $25,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper during the fourth quarter valued at approximately $29,000. Finally, Virtus Advisers LLC acquired a new stake in Southern Copper during the fourth quarter worth approximately $29,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Stock Down 0.3%

Shares of NYSE:SCCO opened at $198.17 on Tuesday. The stock has a 50-day simple moving average of $188.08 and a 200-day simple moving average of $184.04. The stock has a market capitalization of $165.34 billion, a P/E ratio of 28.97, a PEG ratio of 1.83 and a beta of 1.14. Southern Copper Corporation has a 1 year low of $99.87 and a 1 year high of $223.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.93 by $0.06. The firm 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 company’s revenue was up 40.6% compared to the same quarter last year. Equities analysts forecast that Southern Copper Corporation will post 7.59 earnings per share for the current year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid a $1.10 dividend. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is 64.33%.

Insider Activity at Southern Copper

In related news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the transaction, the director owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 404 shares of company stock valued at $77,077. Company insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Zacks Research cut shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. UBS Group reissued a “sell” rating and set a $158.10 price target (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Citigroup restated a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. CICC Research downgraded Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Finally, JPMorgan Chase & Co. upped their target price on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Southern Copper currently has an average rating of “Reduce” and an average target price of $146.84.

Southern Copper 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.