Ferguson Wellman Capital Management Inc. Takes $7.04 Million Position in Southern Copper Corporation $SCCO

Ferguson Wellman Capital Management Inc. acquired a new stake in Southern Copper Corporation (NYSE:SCCO) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 40,897 shares of the basic materials company’s stock, valued at approximately $7,037,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. Royal Bank of Canada lifted its position in shares of Southern Copper by 42.1% during the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after acquiring an additional 13,293 shares during the period. 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 valued at $627,000 after purchasing an additional 1,020 shares in the last quarter. Focus Partners Wealth raised its holdings in Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after purchasing an additional 1,052 shares during the last quarter. First Trust Advisors LP raised its holdings in Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock worth $7,424,000 after purchasing an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its position in Southern Copper by 17.7% during the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after purchasing an additional 731 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 404 shares of company stock worth $74,108 in the last ninety days. Insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Shares of SCCO traded up $1.56 during trading hours on Friday, reaching $175.99. 791,271 shares of the company traded hands, compared to its average volume of 1,224,357. The stock has a market capitalization of $145.38 billion, a PE ratio of 29.09, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11. The stock has a fifty day simple moving average of $181.14 and a 200 day simple moving average of $180.93. Southern Copper Corporation has a fifty-two week low of $88.73 and a fifty-two week high of $223.88. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a dividend of $1.00 per share. The ex-dividend date 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 66.12%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SCCO. Morgan Stanley raised their price target on Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a research 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. Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Barclays initiated coverage on shares of Southern Copper in a research report on Thursday, May 21st. They set an “underweight” rating and a $148.00 target price for the company. Finally, Wells Fargo & Company increased their price target on shares of Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $147.10.

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.