1832 Asset Management L.P. Buys 4,123 Shares of Southern Copper Corporation $SCCO

Key Points

• 1832 Asset Management L.P. increased its stake in Southern Copper Corporation by 0.7%, acquiring an additional 4,123 shares, bringing its total ownership to approximately 569,219 shares valued at $53.2 million.
• Southern Copper announced a dividend of $1.01 per share, which is an increase from the previous dividend of $0.62, with a payout scheduled for September 4th.
• Institutional investors own 7.94% of Southern Copper's stock, with several firms raising their holdings significantly in recent quarters, indicating strong interest in the company.

1832 Asset Management L.P. grew its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 0.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 569,219 shares of the basic materials company's stock after acquiring an additional 4,123 shares during the period. 1832 Asset Management L.P. owned about 0.07% of Southern Copper worth $53,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in Southern Copper by 0.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,700,844 shares of the basic materials company's stock worth $337,260,000 after buying an additional 15,037 shares during the period. JPMorgan Chase & Co. raised its holdings in Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after acquiring an additional 322,935 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Southern Copper by 10.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,354,637 shares of the basic materials company's stock valued at $123,448,000 after acquiring an additional 130,710 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Southern Copper by 6.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,280,286 shares of the basic materials company's stock valued at $116,672,000 after acquiring an additional 78,769 shares during the period. Finally, Northern Trust Corp raised its holdings in Southern Copper by 44.9% during the 4th quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock valued at $104,484,000 after acquiring an additional 355,013 shares during the period. 7.94% of the stock is owned by institutional investors.

Southern Copper Stock Up 4.0%

Shares of NYSE:SCCO opened at $97.4490 on Friday. The firm has a fifty day moving average price of $98.00 and a two-hundred day moving average price of $93.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. Southern Copper Corporation has a one year low of $74.84 and a one year high of $121.44. The company has a market cap of $78.36 billion, a price-to-earnings ratio of 21.32, a PEG ratio of 1.37 and a beta of 1.00.

Southern Copper Increases Dividend

The business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a dividend of $1.01 per share. This is an increase from Southern Copper's previous -- dividend of $0.62. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 270.0%. Southern Copper's dividend payout ratio is 70.02%.

Analyst Ratings Changes

SCCO has been the topic of a number of analyst reports. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Morgan Stanley reissued an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. UBS Group cut shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price on the stock. in a report on Tuesday, July 1st. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. cut their price target on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a report on Thursday, July 3rd. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Southern Copper has an average rating of "Reduce" and a consensus price target of $91.00.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the sale, the director owned 2,327 shares in the company, valued at approximately $232,700. This trade represents a 15.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.07% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.