164,587 Shares in Southern Copper Corporation $SCCO Purchased by Strs Ohio

Key Points

• Strs Ohio purchased 164,587 shares of Southern Copper Corporation ($SCCO) in the first quarter, indicating significant investor interest valued at approximately $15.4 million.
• Southern Copper announced a quarterly dividend of $1.01 per share, increasing from the previous $0.62, which reflects a dividend yield of 3.8%.
• Several analysts have recently adjusted their ratings on SCCO, with JPMorgan Chase raising its price objective from $79.00 to $92.00 while UBS downgraded it to a "neutral" rating.

Strs Ohio bought a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 164,587 shares of the basic materials company's stock, valued at approximately $15,382,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its stake in Southern Copper by 117.6% during the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after purchasing an additional 147 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Southern Copper during the 1st quarter valued at approximately $29,000. N.E.W. Advisory Services LLC bought a new position in Southern Copper during the 1st quarter valued at approximately $34,000. Quarry LP bought a new position in shares of Southern Copper in the 1st quarter worth approximately $41,000. Finally, Twin Tree Management LP raised its position in shares of Southern Copper by 583.5% in the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock worth $58,000 after acquiring an additional 531 shares in the last quarter. Institutional investors own 7.94% of the company's stock.

Southern Copper Trading Up 1.1%

SCCO opened at $106.22 on Friday. The firm has a market cap of $85.41 billion, a P/E ratio of 23.24, a P/E/G ratio of 1.55 and a beta of 0.99. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $121.44. The stock has a 50-day moving average of $98.12 and a 200 day moving average of $94.44. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were given a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.8%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SCCO shares. JPMorgan Chase & Co. raised their price objective on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. UBS Group downgraded Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a research note on Tuesday, July 1st. Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Morgan Stanley reiterated an "underweight" rating and set a $99.00 target price (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Finally, Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Southern Copper currently has a consensus rating of "Reduce" and a consensus target price of $93.60.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the sale, the director owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 1,228 shares of company stock valued at $123,102 in the last ninety days. 0.07% of the stock is currently owned by insiders.

About Southern Copper

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.

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