D.A. Davidson & CO. Increases Holdings in Southern Copper Corporation $SCCO

D.A. Davidson & CO. grew its holdings in Southern Copper Corporation (NYSE:SCCO) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,318 shares of the basic materials company’s stock after purchasing an additional 239 shares during the period. D.A. Davidson & CO.’s holdings in Southern Copper were worth $2,460,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Generali Investments CEE investicni spolecnost a.s. increased its holdings in shares of Southern Copper by 0.7% in the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company’s stock worth $1,409,000 after purchasing an additional 108 shares in the last quarter. American Financial Advisors LLC increased its holdings in shares of Southern Copper by 1.1% in the 2nd quarter. American Financial Advisors LLC now owns 10,422 shares of the basic materials company’s stock worth $1,054,000 after purchasing an additional 112 shares in the last quarter. Mutual Advisors LLC increased its holdings in shares of Southern Copper by 1.7% in the 2nd quarter. Mutual Advisors LLC now owns 6,577 shares of the basic materials company’s stock worth $646,000 after purchasing an additional 113 shares in the last quarter. PDS Planning Inc increased its holdings in shares of Southern Copper by 3.7% in the 2nd quarter. PDS Planning Inc now owns 3,330 shares of the basic materials company’s stock worth $337,000 after purchasing an additional 119 shares in the last quarter. Finally, Drive Wealth Management LLC increased its holdings in shares of Southern Copper by 5.1% in the 2nd quarter. Drive Wealth Management LLC now owns 2,504 shares of the basic materials company’s stock worth $253,000 after purchasing an additional 121 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Insider Transactions at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 1,228 shares of company stock worth $123,102 over the last three months. Insiders own 0.07% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on SCCO. Citigroup reissued a “sell” rating and issued a $108.00 target price (up previously from $89.10) on shares of Southern Copper in a report on Wednesday, October 8th. Morgan Stanley set a $132.00 price objective on Southern Copper and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, September 3rd. The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the stock a “sell” rating in a report on Wednesday, September 17th. Finally, UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and a consensus price target of $110.78.

Southern Copper Stock Performance

NYSE:SCCO opened at $129.41 on Friday. The stock has a 50-day simple moving average of $113.27 and a two-hundred day simple moving average of $101.02. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $136.49. 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 firm has a market capitalization of $104.05 billion, a PE ratio of 28.32, a P/E/G ratio of 1.21 and a beta of 1.02.

Southern Copper Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, November 12th. Southern Copper’s payout ratio is currently 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.