First Trust Direct Indexing L.P. Makes New $279,000 Investment in Southern Copper Co. (NYSE:SCCO)

First Trust Direct Indexing L.P. bought a new stake in Southern Copper Co. (NYSE:SCCO) in the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 3,238 shares of the basic materials company’s stock, valued at approximately $279,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of SCCO. Commonwealth Equity Services LLC boosted its holdings in Southern Copper by 4.8% in the third quarter. Commonwealth Equity Services LLC now owns 22,268 shares of the basic materials company’s stock valued at $1,677,000 after purchasing an additional 1,030 shares during the period. Raymond James & Associates grew its position in shares of Southern Copper by 24.6% during the third quarter. Raymond James & Associates now owns 30,523 shares of the basic materials company’s stock worth $2,298,000 after buying an additional 6,021 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Southern Copper by 7.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,151,729 shares of the basic materials company’s stock worth $86,714,000 after buying an additional 80,576 shares during the period. Advisor Partners II LLC raised its holdings in Southern Copper by 34.8% in the third quarter. Advisor Partners II LLC now owns 4,128 shares of the basic materials company’s stock valued at $311,000 after acquiring an additional 1,066 shares in the last quarter. Finally, Carmel Capital Partners LLC purchased a new position in Southern Copper in the third quarter worth approximately $386,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 300 shares of Southern Copper stock in a transaction on Monday, April 29th. The shares were sold at an average price of $118.50, for a total value of $35,550.00. Following the transaction, the director now directly owns 4,614 shares of the company’s stock, valued at approximately $546,759. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 600 shares of company stock valued at $63,430 in the last ninety days. 0.08% of the stock is currently owned by company insiders.

Southern Copper Stock Down 2.5 %

SCCO stock opened at $115.07 on Wednesday. The company has a current ratio of 3.31, a quick ratio of 2.56 and a debt-to-equity ratio of 0.82. Southern Copper Co. has a twelve month low of $64.66 and a twelve month high of $121.00. The company’s 50 day moving average is $104.59 and its two-hundred day moving average is $87.89. The stock has a market cap of $88.96 billion, a P/E ratio of 37.85, a PEG ratio of 3.25 and a beta of 1.27.

Southern Copper Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Wednesday, May 8th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, May 7th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. Southern Copper’s payout ratio is 105.26%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SCCO. The Goldman Sachs Group boosted their target price on shares of Southern Copper from $61.00 to $82.00 and gave the stock a “sell” rating in a research note on Friday, March 22nd. Morgan Stanley raised their target price on Southern Copper from $123.00 to $135.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 30th. Scotiabank upped their price target on Southern Copper from $53.00 to $55.00 and gave the company a “sector underperform” rating in a report on Thursday, April 18th. CICC Research assumed coverage on shares of Southern Copper in a research note on Wednesday, April 24th. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. cut their price objective on shares of Southern Copper from $63.50 to $61.00 and set an “underweight” rating on the stock in a report on Thursday, March 21st. Five analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $90.50.

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.