Wellington Management Group LLP Grows Stock Holdings in Southern Copper Corporation $SCCO

Wellington Management Group LLP increased its position in shares of Southern Copper Corporation (NYSE:SCCO) by 267.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,807 shares of the basic materials company’s stock after purchasing an additional 15,870 shares during the period. Wellington Management Group LLP’s holdings in Southern Copper were worth $3,800,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SCCO. Kingsview Wealth Management LLC acquired a new stake in Southern Copper in the second quarter valued at $330,000. Beacon Pointe Advisors LLC acquired a new position in shares of Southern Copper during the 2nd quarter worth about $292,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Southern Copper in the 2nd quarter valued at about $30,000. Orion Capital Management LLC purchased a new position in shares of Southern Copper in the 2nd quarter valued at about $349,000. Finally, Empowered Funds LLC purchased a new position in shares of Southern Copper in the 2nd quarter valued at about $4,839,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Up 0.6%

Southern Copper stock opened at $209.76 on Thursday. The company has a market capitalization of $175.01 billion, a P/E ratio of 30.67, a PEG ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper Corporation has a fifty-two week low of $100.43 and a fifty-two week high of $223.88. The stock has a 50-day simple moving average of $189.67 and a 200-day simple moving average of $184.30.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.06. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company’s quarterly revenue was up 40.6% compared to the same quarter last year. Equities research analysts expect that Southern Copper Corporation will post 7.59 earnings per share for the current year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. Southern Copper’s payout ratio is 64.33%.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. UBS Group reiterated a “sell” rating and issued a $158.10 price target (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Citigroup reissued a “positive” rating on shares of Southern Copper in a report on Wednesday, July 15th. CICC Research downgraded shares of Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. Finally, Wall Street Zen downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat.com, Southern Copper has an average rating of “Reduce” and an average price target of $146.84.

Insider Activity at Southern Copper

In other news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the transaction, the director directly owned 1,723 shares of the company’s stock, valued at $339,066.65. The trade was a 10.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 504 shares of company stock valued at $97,077. Insiders own 0.07% of the company’s stock.

Southern Copper Company Profile

Southern Copper Corporation (NYSE: SCCO) is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.