Sigma Planning Corp Buys 8,744 Shares of Southern Copper Corporation $SCCO

Sigma Planning Corp boosted its stake in Southern Copper Corporation (NYSE:SCCO) by 383.2% during the 1st quarter, Holdings Channel reports. The firm owned 11,026 shares of the basic materials company’s stock after buying an additional 8,744 shares during the quarter. Sigma Planning Corp’s holdings in Southern Copper were worth $1,897,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Royal Bank of Canada boosted its stake in Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after buying an additional 13,293 shares during the last quarter. Empowered Funds LLC increased its stake in Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after acquiring an additional 1,020 shares during the last quarter. Focus Partners Wealth increased its stake in Southern Copper by 21.5% in the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after acquiring an additional 1,052 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Southern Copper by 37.4% during the 2nd quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock worth $7,424,000 after acquiring an additional 19,957 shares in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in shares of Southern Copper by 17.7% during the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after acquiring an additional 731 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SCCO shares. Citigroup reissued a “positive” rating on shares of Southern Copper in a report on Wednesday. Weiss Ratings lowered shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a research note on Wednesday, June 17th. The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price on the stock in a research report on Friday, April 10th. Finally, UBS Group reaffirmed a “sell” rating and issued a $160.00 price target (up from $145.00) on shares of Southern Copper in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $148.10.

Southern Copper Stock Down 3.1%

NYSE SCCO opened at $175.89 on Friday. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The firm has a market capitalization of $145.30 billion, a price-to-earnings ratio of 29.07, a PEG ratio of 1.55 and a beta of 1.11. The company has a fifty day moving average of $181.30 and a two-hundred day moving average of $182.06.

Southern Copper Announces Dividend

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

Insider Activity at Southern Copper

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

Southern Copper Company Profile

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.