Alaethes Wealth LLC Makes New $1.08 Million Investment in Southern Copper Co. (NYSE:SCCO)

Alaethes Wealth LLC purchased a new stake in Southern Copper Co. (NYSE:SCCO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,992 shares of the basic materials company’s stock, valued at approximately $1,077,000.

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

Wall Street Analysts Forecast Growth

SCCO has been the topic of a number of recent research reports. Morgan Stanley increased their target price on Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a report on Thursday. UBS Group began coverage on shares of Southern Copper in a research note on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Southern Copper has an average rating of “Hold” and an average target price of $89.57.

Southern Copper Price Performance

SCCO opened at $103.52 on Friday. The firm’s fifty day moving average price is $101.92 and its two-hundred day moving average price is $107.61. The company has a market capitalization of $80.87 billion, a price-to-earnings ratio of 34.41, a P/E/G ratio of 1.02 and a beta of 1.17. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.81 and a quick ratio of 2.27. Southern Copper Co. has a 1 year low of $68.93 and a 1 year high of $129.79.

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

Southern Copper Dividend Announcement

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

Southern Copper Company 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.