Sigma Planning Corp Sells 9,319 Shares of Southern Copper Corporation $SCCO

Sigma Planning Corp lowered its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 85.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,616 shares of the basic materials company’s stock after selling 9,319 shares during the period. Sigma Planning Corp’s holdings in Southern Copper were worth $328,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Royal Palms Capital LLC acquired a new stake in shares of Southern Copper during the 3rd quarter valued at about $3,824,000. Randolph Co Inc acquired a new position in Southern Copper in the third quarter worth approximately $44,615,000. Signaturefd LLC increased its holdings in Southern Copper by 1.8% in the third quarter. Signaturefd LLC now owns 8,572 shares of the basic materials company’s stock worth $1,737,000 after buying an additional 153 shares during the last quarter. Carolina Wealth Advisors LLC raised its position in Southern Copper by 1.9% during the third quarter. Carolina Wealth Advisors LLC now owns 27,301 shares of the basic materials company’s stock valued at $5,532,000 after acquiring an additional 496 shares in the last quarter. Finally, RWC Asset Management LLP bought a new position in Southern Copper during the third quarter valued at approximately $5,668,000. 7.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SCCO has been the topic of several analyst reports. Barclays set a $165.00 price target on shares of Southern Copper and gave the stock an “underweight” rating in a research note on Monday, October 26th. CICC Research lowered Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Citigroup reissued a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wells Fargo & Company set a $193.00 target price on Southern Copper and gave the stock an “equal weight” rating in a report on Friday, October 23rd. Finally, Morgan Stanley restated an “underweight” rating and issued a $170.00 target price on shares of Southern Copper in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $160.95.

Southern Copper Stock Performance

SCCO opened at $177.60 on Monday. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. The stock’s 50 day moving average price is $200.92 and its two-hundred day moving average price is $187.49. The firm has a market capitalization of $148.18 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.64 and a beta of 1.15. Southern Copper Corporation has a 12-month low of $119.25 and a 12-month high of $223.88.

Southern Copper’s stock is scheduled to split on Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Monday, November 2nd.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, October 21st. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $4.70 billion during the quarter, compared to analysts’ expectations of $4.49 billion. Southern Copper had a net margin of 37.16% and a return on equity of 53.46%. During the same period in the prior year, the company earned $1.35 EPS. On average, equities analysts forecast that Southern Copper Corporation will post 8.03 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be paid a $1.30 dividend. The ex-dividend date is Tuesday, November 3rd. This is a boost from Southern Copper’s previous quarterly dividend of $1.10. This represents a $5.20 annualized dividend and a dividend yield of 2.9%. Southern Copper’s dividend payout ratio is 57.59%.

Insider Buying and Selling at Southern Copper

In related news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director directly owned 1,723 shares of the company’s stock, valued at $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 603 shares of company stock valued at $120,213 in the last three months. 0.07% of the stock is currently owned by company insiders.

Southern Copper Company Profile

Southern Copper Corporation (NYSE:SCCO) is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.

Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.