Occidental Asset Management LLC, a prominent asset management firm, has recently increased its position in Southern Copper Co. (NYSE:SCCO). According to a filing with the Securities and Exchange Commission (SEC), Occidental Asset Management LLC purchased an additional 1,665 shares of the company’s stock during the second quarter, resulting in a 6.5% increase. As a result, the firm now holds a total of 27,404 shares of Southern Copper’s stock, valued at approximately $1,966,000.
Southern Copper is a leading basic materials company that operates in the mining and exploration industry. The company’s main focus is on copper production and it has established itself as one of the largest integrated copper producers globally. With mines located in Peru and Mexico, Southern Copper plays a vital role in meeting the global demand for copper.
Recently, on September 18th, 2023, Southern Copper reported its earnings results for the quarter ending August 1st. The company disclosed earnings per share (EPS) of $0.71 for the quarter, falling short of analysts’ consensus estimate of $0.76 by ($0.05). During this period, Southern Copper generated revenue of $2.30 billion compared to market expectations of $2.37 billion.
Despite missing EPS estimates by a small margin, Southern Copper demonstrated solid financial performance during the reported quarter. The company achieved a return on equity (ROE) of 34.86% and recorded an impressive net margin of 27.62%. These figures indicate effective management of assets and sustainable profitability.
Sell-side analysts have projected that Southern Copper will achieve an EPS of 3.61 for the current fiscal year. This estimate reflects optimism about future growth prospects and suggests that investors may anticipate positive outcomes from their investment in Southern Copper over time.
With Occidental Asset Management LLC increasing its position in Southern Copper Co., it is evident that experienced professionals have confidence in the company’s potential. As a significant player in the global copper industry, Southern Copper continues to strive for excellence and deliver value to its shareholders.
Investors and market participants should carefully monitor Southern Copper’s performance in the coming quarters to gauge its ability to meet expectations and adapt to any potential industry challenges. Additionally, following the moves of established asset management firms like Occidental Asset Management LLC can provide valuable insights for individuals considering investments in the basic materials sector.
Overall, Occidental Asset Management LLC’s increased position in Southern Copper Co., along with the company’s solid financial performance, highlights the potential opportunities that may exist within the basic materials industry.
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TFX
Strong Buy
Updated on: 28/09/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Southern Copper Co. Sees Changes in Investor Positions and Strong Support from Institutional Investors
Southern Copper Co. (SCCO) has seen some significant changes in its investor positions, as several institutional investors and hedge funds have made adjustments to their stakes in the company. Janiczek Wealth Management LLC raised its stake in Southern Copper by 17.5% during the second quarter, now owning 981 shares valued at $70,000 after acquiring an additional 146 shares. SG Americas Securities LLC also increased its position, raising its stake in Southern Copper by 47.3% during the same period. They now own 117,406 shares worth $8,423,000 after acquiring an additional 37,704 shares.
Additionally, Nordea Investment Management AB raised its stake in Southern Copper by 40.4%, bringing its total ownership to 48,412 shares valued at $3,429,000 after acquiring an additional 13,924 shares. Level Four Advisory Services LLC entered the scene as well and purchased a new position of Southern Copper shares worth approximately $296,000 during the first quarter.
Furthermore, Macquarie Group Ltd. has significantly increased its stake in Southern Copper by a staggering 94.6%. With ownership of now over 67,091 shares valued at $5,115,000 after buying an additional 32,618 shares.
These changes are indicative of strong investor interest and confidence in Southern Copper’s performance and potential growth prospects within the basic materials industry.
On another note from equities analysts’ side concerning the company’s stock rating and outlook for investment returns: several research notes were recently issued regarding Southern Copper’s prospects. JPMorgan Chase & Co., although increasing their target price on SCCO from $52.50 to $55.50 per share gave it an “underweight” rating.
Meanwhile StockNews.com assumed coverage on SCCO giving it a “buy” rating on Thursday August 17th while Jefferies Financial Group provided a more cautious stance in their report by issuing a “hold” rating with $91.00 price target on the stock.
Morgan Stanley has also shown optimism by upping its price target to $74.00 from $67.00 per share in a report released on June 21st.
The average rating for Southern Copper according to Bloomberg is currently “Hold” with an average price target of $65.17.
In terms of insider trading activities, Directors Sanchez Mejorada Enri Castillo and Bonilla Luis Miguel Palomino have both engaged in stock sales transactions recently. Director Sanchez Mejorada sold 2,400 shares at an average price of $81.56 per share, totaling $195,744. Following this transaction, he currently owns 3,200 shares valued at approximately $260,992.
Director Bonilla Luis Miguel Palomino also sold 500 shares at an average price of $87.11 per share amounting to a total of $43,555. After the sale’s completion, he directly owns 5,414 shares valued at $471,613.54.
These disclosed insider trading actions have been reported to the Securities and Exchange Commission (SEC) in accordance with regulatory compliance and transparency requirements.
Shares of Southern Copper Corporation have exhibited fluctuation during trading hours on Monday, reaching a value of $79.85 per share. The trading volume amounted to approximately 183,862 shares, as compared to the average volume of 1,206,248 shares being traded daily.
Southern Copper Co.’s stock performance reflects its resilience in a volatile market environment over the past year with its low point registered at $42.42 while achieving a high level closing at $87.59 this year thus far.
Southern Copper operates within the basic materials industry and boasts an impressive market capitalization of approximately USD61.73 billion making it one of the top players within the sector.
With a price-to-earnings ratio of 22.16, the company has demonstrated consistent earnings growth along with a sustainable future outlook.
Furthermore, Southern Copper has maintained a debt-to-equity ratio of 0.79, indicating prudent financial management.
The firm’s current assets relative to its liabilities are healthy, boasting a current ratio of 4.50 and quick ratio of 3.57.
Southern Copper’s solid financial positioning combined with its strong institutional investor support and diverse analyst opinions give it an optimistic outlook for long-term success in the market.
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