Alaethes Wealth LLC Makes New Investment in Southern Copper Co. (NYSE:SCCO)

Alaethes Wealth LLC bought a new stake in shares of Southern Copper Co. (NYSE:SCCO) in the second quarter, Holdings Channel reports. The fund bought 9,992 shares of the basic materials company’s stock, valued at approximately $1,077,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ensign Peak Advisors Inc lifted its stake in Southern Copper by 1.0% in the second quarter. Ensign Peak Advisors Inc now owns 10,558 shares of the basic materials company’s stock valued at $1,138,000 after purchasing an additional 108 shares during the last quarter. Sei Investments Co. raised its stake in shares of Southern Copper by 46.2% in the second quarter. Sei Investments Co. now owns 98,167 shares of the basic materials company’s stock valued at $10,577,000 after buying an additional 31,044 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Southern Copper by 11.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 17,329 shares of the basic materials company’s stock valued at $1,867,000 after buying an additional 1,761 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Southern Copper by 1.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 229,866 shares of the basic materials company’s stock worth $24,766,000 after acquiring an additional 2,366 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in Southern Copper by 23.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 5,147 shares of the basic materials company’s stock worth $554,000 after acquiring an additional 964 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on SCCO. Morgan Stanley upped their price objective on shares of Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday. UBS Group initiated coverage on shares of Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective for the company. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.57.

Southern Copper Trading Down 1.3 %

Shares of Southern Copper stock opened at $103.52 on Friday. The company’s 50-day moving average price is $101.92 and its 200-day moving average price is $107.61. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79. The company has a market cap of $80.87 billion, a price-to-earnings ratio of 34.41, a PEG ratio of 1.02 and a beta of 1.17.

Southern Copper (NYSE:SCCO) last posted its earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.09. The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. On average, equities analysts expect that Southern Copper Co. will post 4.33 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, August 9th. Southern Copper’s dividend payout ratio is 79.77%.

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.