Berger Financial Group Inc Sells 147 Shares of Southern Copper Corporation $SCCO

Berger Financial Group Inc reduced its position in Southern Copper Corporation (NYSE:SCCO) by 6.2% during the second quarter, HoldingsChannel reports. The firm owned 2,209 shares of the basic materials company’s stock after selling 147 shares during the period. Berger Financial Group Inc’s holdings in Southern Copper were worth $223,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Fortis Capital Advisors LLC bought a new stake in Southern Copper during the second quarter valued at $953,000. Ameritas Advisory Services LLC raised its position in shares of Southern Copper by 23.1% in the 2nd quarter. Ameritas Advisory Services LLC now owns 4,312 shares of the basic materials company’s stock worth $436,000 after acquiring an additional 809 shares in the last quarter. Hilltop National Bank acquired a new position in shares of Southern Copper in the 2nd quarter valued at about $53,000. Parsons Capital Management Inc. RI boosted its position in shares of Southern Copper by 0.9% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 26,244 shares of the basic materials company’s stock valued at $2,655,000 after purchasing an additional 227 shares in the last quarter. Finally, Pure Financial Advisors LLC boosted its position in shares of Southern Copper by 8.0% during the 2nd quarter. Pure Financial Advisors LLC now owns 2,566 shares of the basic materials company’s stock valued at $260,000 after purchasing an additional 189 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Itau BBA Securities upgraded Southern Copper from an “underperform” rating to a “market perform” rating in a report on Wednesday, June 11th. Morgan Stanley reaffirmed an “underweight” rating and set a $99.00 price objective (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Jefferies Financial Group set a $155.00 price objective on shares of Southern Copper and gave the company a “buy” rating in a research note on Monday. JPMorgan Chase & Co. increased their target price on shares of Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 3rd. Finally, UBS Group restated a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Southern Copper presently has a consensus rating of “Reduce” and a consensus price target of $102.83.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares of the company’s stock, valued at approximately $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 1,228 shares of company stock valued at $123,102. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

NYSE SCCO opened at $130.30 on Tuesday. The company has a market cap of $104.77 billion, a P/E ratio of 28.51, a PEG ratio of 1.31 and a beta of 1.02. The company has a fifty day simple moving average of $103.65 and a 200 day simple moving average of $97.14. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $133.25.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were given a dividend of $1.01 per share. The ex-dividend date of this dividend was Friday, August 15th. This is a boost from Southern Copper’s previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a dividend yield of 3.1%. Southern Copper’s payout ratio is presently 70.02%.

About Southern Copper

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.