Southern Copper Corporation $SCCO Shares Purchased by Balboa Wealth Partners

Balboa Wealth Partners increased its position in shares of Southern Copper Corporation (NYSE:SCCO) by 86.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,303 shares of the basic materials company’s stock after purchasing an additional 2,931 shares during the quarter. Balboa Wealth Partners’ holdings in Southern Copper were worth $638,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in SCCO. Jacobs Levy Equity Management Inc. acquired a new position in shares of Southern Copper in the first quarter worth $40,338,000. Nuveen LLC acquired a new position in shares of Southern Copper in the first quarter worth $34,086,000. JPMorgan Chase & Co. raised its holdings in shares of Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after acquiring an additional 322,935 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Southern Copper in the first quarter worth $25,739,000. Finally, Strs Ohio acquired a new position in shares of Southern Copper in the first quarter worth $15,382,000. 7.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Southern Copper

In other Southern Copper 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 transaction of $41,400.00. Following the completion of the sale, the director owned 2,327 shares of the company’s stock, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 1,228 shares of company stock worth $123,102 over the last ninety days. 0.07% of the stock is currently owned by insiders.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $135.09 on Tuesday. The company has a market cap of $108.62 billion, a P/E ratio of 29.56, a P/E/G ratio of 1.25 and a beta of 1.02. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $136.49. The business has a fifty day simple moving average of $110.84 and a 200-day simple moving average of $99.75.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 3.0%. This is a boost from Southern Copper’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper’s dividend payout ratio (DPR) is presently 70.02%.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of analyst reports. Citigroup reissued a “sell” rating and issued a $108.00 price target (up from $89.10) on shares of Southern Copper in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, September 3rd. Morgan Stanley set a $132.00 price target on Southern Copper and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. Wells Fargo & Company raised Southern Copper to a “hold” rating in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the company a “sell” rating in a research report on Wednesday, September 17th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Southern Copper has a consensus rating of “Reduce” and a consensus target price of $110.78.

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.