Aberdeen Group plc Lowers Stock Position in Southern Copper Corporation $SCCO

Key Points

• Aberdeen Group plc has reduced its holdings in Southern Copper Corporation by 25.5%, now owning 1,890,356 shares valued at approximately $193 million.
• Southern Copper recently declared a higher quarterly dividend of $1.01 per share, which is up from the previous $0.62, signaling positive growth with an annualized dividend yield of 3.2%.
• Wall Street analysts have mixed ratings on Southern Copper, with a consensus price target of $109.88, reflecting a mix of buy, hold, and sell ratings.

Aberdeen Group plc trimmed its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 25.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,890,356 shares of the basic materials company's stock after selling 647,548 shares during the period. Aberdeen Group plc owned 0.24% of Southern Copper worth $193,053,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SCCO. Cullen Frost Bankers Inc. boosted its position in Southern Copper by 117.6% during the 1st 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 period. Golden State Wealth Management LLC purchased a new stake in Southern Copper during the 1st quarter worth $29,000. N.E.W. Advisory Services LLC purchased a new stake in Southern Copper during the 1st quarter worth $34,000. Quarry LP purchased a new stake in Southern Copper during the 1st quarter worth $41,000. Finally, Hilltop National Bank purchased a new stake in Southern Copper during the 2nd quarter worth $53,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Performance

Shares of SCCO stock opened at $125.00 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a one year low of $74.84 and a one year high of $136.49. The company's 50-day simple moving average is $106.49 and its 200-day simple moving average is $97.97. The stock has a market capitalization of $100.51 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 1.31 and a beta of 1.02.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were given a dividend of $1.01 per share. The ex-dividend date of this dividend was Friday, August 15th. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a dividend yield of 3.2%. Southern Copper's dividend payout ratio is 70.02%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director owned 2,327 shares of the company's stock, valued at approximately $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 1,228 shares of company stock worth $123,102 over the last quarter. Company insiders own 0.07% of the company's stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of research reports. Morgan Stanley set a $132.00 price target on shares of Southern Copper and gave the stock an "equal weight" rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. Citigroup restated a "sell" rating and set a $108.00 target price (up from $89.10) on shares of Southern Copper in a research note on Wednesday. The Goldman Sachs Group set a $89.00 price target on Southern Copper and gave the stock a "sell" rating in a research note on Wednesday, September 17th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Southern Copper in a research note on Wednesday. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Southern Copper currently has a consensus rating of "Reduce" and a consensus price target of $109.88.

Southern Copper 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.

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