Ascentis Independent Advisors Acquires Shares of 9,429 Southern Copper Corporation $SCCO

Ascentis Independent Advisors bought a new stake in Southern Copper Corporation (NYSE:SCCO) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 9,429 shares of the basic materials company’s stock, valued at approximately $1,622,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. SHP Wealth Management bought a new stake in shares of Southern Copper in the fourth quarter worth $25,000. Lloyd Advisory Services LLC. bought a new position in Southern Copper during the 4th quarter valued at $29,000. Virtus Advisers LLC acquired a new position in Southern Copper during the 4th quarter worth $29,000. Godfrey Financial Associates Inc. bought a new stake in shares of Southern Copper in the 4th quarter worth about $30,000. Finally, IFP Advisors Inc increased its position in shares of Southern Copper by 233.3% in the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 161 shares during the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Price Performance

Shares of NYSE SCCO opened at $174.16 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The firm has a market capitalization of $143.87 billion, a PE ratio of 28.79, a P/E/G ratio of 1.55 and a beta of 1.11. Southern Copper Corporation has a 1-year low of $88.73 and a 1-year high of $223.88. The business’s fifty day moving average price is $181.53 and its two-hundred day moving average price is $180.10.

Southern Copper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper’s dividend payout ratio (DPR) is 66.12%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SCCO shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Southern Copper in a research report on Wednesday, June 24th. Scotiabank restated an “underperform” rating and set a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a research report on Friday, April 10th. Finally, Barclays assumed coverage on Southern Copper in a report on Thursday, May 21st. They issued an “underweight” rating and a $148.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $147.19.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 404 shares of company stock valued at $74,108. Company insiders own 0.07% of the company’s stock.

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.