Tyche Wealth Partners LLC Grows Position in Southern Copper Corporation $SCCO

Tyche Wealth Partners LLC lifted its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,148 shares of the basic materials company’s stock after purchasing an additional 197 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Southern Copper were worth $2,038,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in shares of Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after purchasing an additional 322,935 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Southern Copper by 3.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company’s stock valued at $130,718,000 after acquiring an additional 44,014 shares during the period. Driehaus Capital Management LLC boosted its holdings in Southern Copper by 2.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company’s stock valued at $98,982,000 after acquiring an additional 30,232 shares during the period. Ameriprise Financial Inc. boosted its holdings in Southern Copper by 5.3% during the 1st quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company’s stock valued at $85,595,000 after acquiring an additional 45,691 shares during the period. Finally, Empower Advisory Group LLC boosted its holdings in Southern Copper by 17.0% during the 1st quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company’s stock valued at $84,509,000 after acquiring an additional 131,156 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SCCO has been the subject of a number of research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Southern Copper in a report on Saturday, September 27th. Jefferies Financial Group set a $155.00 target price on Southern Copper and gave the company a “buy” rating in a report on Monday. The Goldman Sachs Group set a $89.00 target price on Southern Copper and gave the company a “sell” rating in a report on Wednesday, September 17th. JPMorgan Chase & Co. raised their target price on Southern Copper from $79.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, September 3rd. Finally, Morgan Stanley restated an “underweight” rating and set a $99.00 target price (up from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Southern Copper presently has a consensus rating of “Reduce” and an average 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 business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 1,228 shares of company stock worth $123,102. 0.07% of the stock is currently owned by company insiders.

Southern Copper Stock Performance

Shares of SCCO opened at $130.30 on Tuesday. The stock has a 50-day simple moving average of $103.65 and a 200-day simple moving average of $97.14. 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 stock has a market capitalization of $104.77 billion, a PE ratio of 28.51, a PEG ratio of 1.31 and a beta of 1.02. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $133.25.

Southern Copper Increases Dividend

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

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.