5,223 Shares in Southern Copper Corporation (NYSE:SCCO) Purchased by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC purchased 5,223 shares of Southern Copper Corporation (NYSE:SCCO) for approximately $492,000 in the first quarter.
• Southern Copper announced an increase in its dividend to $1.01 per share, reflecting a yield of 270.0%, with the payout date set for September 4th.
• Analysts have mixed ratings for Southern Copper, with an average rating of "Hold" and a target price of $91.00 from multiple brokerages.

CCM Investment Group LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,223 shares of the basic materials company's stock, valued at approximately $492,000.

Several other large investors have also recently added to or reduced their stakes in SCCO. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Southern Copper during the fourth quarter worth about $40,226,000. Nuveen LLC purchased a new position in Southern Copper during the first quarter worth about $34,086,000. Northern Trust Corp raised its holdings in Southern Copper by 44.9% during the fourth quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock worth $104,484,000 after purchasing an additional 355,013 shares in the last quarter. Marshall Wace LLP increased its holdings in Southern Copper by 49.6% in the fourth quarter. Marshall Wace LLP now owns 998,923 shares of the basic materials company's stock valued at $91,032,000 after buying an additional 331,319 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after buying an additional 322,935 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SCCO. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their target price 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. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, UBS Group cut shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price for the company. in a report on Tuesday, July 1st. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $91.00.

Southern Copper Stock Up 2.6%

SCCO stock opened at $100.09 on Monday. The company's 50 day simple moving average is $97.78 and its 200-day simple moving average is $93.73. The firm has a market capitalization of $80.48 billion, a PE ratio of 21.90, a P/E/G ratio of 1.44 and a beta of 1.00. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $121.44. 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 Increases Dividend

The company also recently announced a -- dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be given a dividend of $1.01 per share. This represents a yield of 270.0%. This is an increase from Southern Copper's previous -- dividend of $0.62. The ex-dividend date is Friday, August 15th. Southern Copper's dividend payout ratio (DPR) is 61.27%.

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.