Chesapeake Capital Corp IL Takes $618,000 Position in Southern Copper Corporation $SCCO

Chesapeake Capital Corp IL bought a new position in Southern Copper Corporation (NYSE:SCCO) in the 3rd quarter, HoldingsChannel reports. The fund bought 5,091 shares of the basic materials company’s stock, valued at approximately $618,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Hopwood Financial Services Inc. acquired a new stake in Southern Copper during the 3rd quarter worth about $25,000. MJT & Associates Financial Advisory Group Inc. lifted its position in shares of Southern Copper by 65.1% in the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 84 shares in the last quarter. United Community Bank purchased a new stake in shares of Southern Copper in the third quarter worth approximately $30,000. Caitlin John LLC acquired a new stake in shares of Southern Copper during the third quarter worth approximately $30,000. Finally, Allworth Financial LP grew its position in Southern Copper by 65.1% during the second quarter. Allworth Financial LP now owns 383 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Activity

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the sale, the director directly owned 605 shares in the company, valued at approximately $126,783.04. This represents a 93.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. UBS Group reiterated a “sell” rating and issued a $148.74 price objective (up from $146.75) on shares of Southern Copper in a research note on Tuesday, February 3rd. Citigroup reissued a “sell” rating on shares of Southern Copper in a research note on Monday, January 12th. The Goldman Sachs Group restated a “sell” rating and set a $127.91 price target on shares of Southern Copper in a report on Wednesday, January 14th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $116.51 price target (down from $118.49) on shares of Southern Copper in a research note on Friday, January 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Southern Copper in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $139.99.

Southern Copper Trading Down 5.3%

NYSE:SCCO opened at $171.05 on Friday. The stock’s 50 day moving average price is $190.66 and its 200 day moving average price is $148.84. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $223.88. The company has a market capitalization of $138.92 billion, a P/E ratio of 32.15, a P/E/G ratio of 1.86 and a beta of 1.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.40 and a current ratio of 3.89.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th were issued a dividend of $1.00 per share. The ex-dividend date was Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s payout ratio is 75.19%.

Southern Copper 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.