Summit Financial LLC Buys Shares of 31,312 Southern Copper Co. (NYSE:SCCO)

Summit Financial LLC acquired a new stake in Southern Copper Co. (NYSE:SCCO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 31,312 shares of the basic materials company's stock, valued at approximately $2,854,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SCCO. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Southern Copper during the fourth quarter worth about $30,000. Deseret Mutual Benefit Administrators grew its stake in Southern Copper by 210.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 379 shares of the basic materials company's stock worth $35,000 after buying an additional 257 shares during the last quarter. IFP Advisors Inc grew its stake in Southern Copper by 143.4% during the 4th quarter. IFP Advisors Inc now owns 477 shares of the basic materials company's stock worth $43,000 after buying an additional 281 shares during the last quarter. Spire Wealth Management acquired a new position in Southern Copper during the fourth quarter worth approximately $47,000. Finally, Larson Financial Group LLC lifted its stake in Southern Copper by 28.0% in the fourth quarter. Larson Financial Group LLC now owns 521 shares of the basic materials company's stock valued at $48,000 after buying an additional 114 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 SCCO stock traded down $8.27 during midday trading on Friday, reaching $78.46. 2,936,729 shares of the company traded hands, compared to its average volume of 1,201,397. The firm has a market cap of $62.47 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. The firm's 50 day simple moving average is $93.61 and its two-hundred day simple moving average is $100.37. Southern Copper Co. has a 1-year low of $77.43 and a 1-year high of $127.34.

Remove Ads

Southern Copper (NYSE:SCCO - Get Free Report) last posted its earnings results on Wednesday, February 12th. The basic materials company reported $1.01 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. On average, equities research analysts expect that Southern Copper Co. will post 4.66 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.57%. This is a boost from Southern Copper's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Tuesday, February 11th. Southern Copper's dividend payout ratio is presently 64.81%.

Analyst Upgrades and Downgrades

Several analysts recently commented on SCCO shares. Morgan Stanley upgraded shares of Southern Copper from an "underweight" rating to an "equal weight" rating and reduced their price target for the company from $106.30 to $102.00 in a research report on Thursday, December 12th. UBS Group raised shares of Southern Copper from a "neutral" rating to a "buy" rating and set a $120.00 target price for the company in a report on Thursday, March 13th. Finally, Scotiabank raised their price target on Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a report on Monday, March 10th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $94.42.

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.