Edgestream Partners L.P. Increases Position in Southern Copper Co. (NYSE:SCCO)

Edgestream Partners L.P. lifted its holdings in shares of Southern Copper Co. (NYSE:SCCO) by 68.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,206 shares of the basic materials company’s stock after buying an additional 6,164 shares during the period. Edgestream Partners L.P.’s holdings in Southern Copper were worth $1,620,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SCCO. Fisher Asset Management LLC lifted its holdings in shares of Southern Copper by 1.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,349,984 shares of the basic materials company’s stock worth $288,333,000 after purchasing an additional 39,422 shares during the period. abrdn plc raised its position in Southern Copper by 2.3% in the fourth quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock worth $261,759,000 after acquiring an additional 67,930 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Southern Copper by 54.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock valued at $164,190,000 after acquiring an additional 544,312 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Southern Copper by 1.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock valued at $87,306,000 after acquiring an additional 18,883 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Southern Copper by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 968,149 shares of the basic materials company’s stock worth $72,892,000 after purchasing an additional 12,201 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Price Performance

Southern Copper stock traded up $0.60 during mid-day trading on Monday, hitting $104.90. 1,468,220 shares of the company were exchanged, compared to its average volume of 1,193,121. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.31 and a quick ratio of 2.56. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79. The business’s 50 day simple moving average is $113.72 and its two-hundred day simple moving average is $101.86. The company has a market capitalization of $81.94 billion, a P/E ratio of 35.11, a PEG ratio of 1.04 and a beta of 1.19.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.17. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Southern Copper had a return on equity of 30.44% and a net margin of 24.20%. Analysts forecast that Southern Copper Co. will post 4.43 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The company also recently disclosed a dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 9th will be given a $0.60 dividend. The ex-dividend date is Friday, August 9th. Southern Copper’s dividend payout ratio is presently 1.33%.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent analyst reports. HSBC cut shares of Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 price objective for the company. in a research note on Monday, April 22nd. Morgan Stanley boosted their price target on Southern Copper from $81.70 to $100.00 and gave the stock an “underweight” rating in a research note on Friday, June 21st. Scotiabank dropped their price objective on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a research note on Tuesday, May 21st. UBS Group assumed coverage on Southern Copper in a report on Friday, July 12th. They set a “neutral” rating and a $120.00 price objective for the company. Finally, CICC Research started coverage on Southern Copper in a report on Wednesday, April 24th. They issued an “outperform” rating on the stock. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Southern Copper presently has an average rating of “Hold” and an average target price of $89.57.

Insider Activity at Southern Copper

In other news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $118.30, for a total transaction of $425,880.00. Following the sale, the director now owns 2,214 shares in the company, valued at $261,916.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $118.30, for a total transaction of $425,880.00. Following the completion of the transaction, the director now owns 2,214 shares of the company’s stock, valued at approximately $261,916.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Bonilla Luis Miguel Palomino sold 300 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $118.50, for a total transaction of $35,550.00. Following the completion of the sale, the director now directly owns 4,614 shares in the company, valued at $546,759. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,000 shares of company stock valued at $472,430. Company insiders own 0.08% of the company’s stock.

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.