Advisors Asset Management Inc. Sells 28,800 Shares of Southern Copper Corporation $SCCO

Key Points

• Advisors Asset Management Inc. reduced its stock position in Southern Copper Corporation by 49% in Q1, now holding approximately 30,000 shares worth $2.80 million.
• Other institutional investors, such as JPMorgan Chase & Co. and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., have increased their holdings, indicating significant interest in the company.
• Southern Copper recently raised its quarterly dividend to $1.01 per share, reflecting a positive shift in its financial strategy, with an annual yield of 3.9%.

Advisors Asset Management Inc. lowered its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 49.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 29,996 shares of the basic materials company's stock after selling 28,800 shares during the period. Advisors Asset Management Inc.'s holdings in Southern Copper were worth $2,803,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in SCCO. BNP Paribas Financial Markets raised its position in shares of Southern Copper by 12.7% during the fourth quarter. BNP Paribas Financial Markets now owns 216,969 shares of the basic materials company's stock valued at $19,772,000 after buying an additional 24,398 shares during the last quarter. Benjamin Edwards Inc. raised its position in Southern Copper by 14.8% in the fourth quarter. Benjamin Edwards Inc. now owns 5,860 shares of the basic materials company's stock worth $534,000 after purchasing an additional 757 shares in the last quarter. Captrust Financial Advisors raised its position in Southern Copper by 12.1% in the fourth quarter. Captrust Financial Advisors now owns 5,864 shares of the basic materials company's stock worth $534,000 after purchasing an additional 632 shares in the last quarter. Cetera Investment Advisers raised its position in Southern Copper by 3.1% in the fourth quarter. Cetera Investment Advisers now owns 33,180 shares of the basic materials company's stock worth $3,024,000 after purchasing an additional 995 shares in the last quarter. Finally, Crestline Management LP raised its position in Southern Copper by 38.7% in the fourth quarter. Crestline Management LP now owns 6,055 shares of the basic materials company's stock worth $552,000 after purchasing an additional 1,688 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on SCCO shares. Morgan Stanley reissued an "underweight" rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. JPMorgan Chase & Co. increased their price target on shares of Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 3rd. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target for the company. in a research report on Tuesday, July 1st. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $93.60.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction that occurred 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 directly owned 2,327 shares of the company's stock, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 1,028 shares of company stock worth $102,014 over the last quarter. 0.07% of the stock is owned by corporate insiders.

Southern Copper Price Performance

Southern Copper stock traded down $3.42 during trading hours on Tuesday, hitting $99.97. 1,909,730 shares of the stock were exchanged, compared to its average volume of 958,950. 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 quick ratio of 4.51 and a current ratio of 5.27. The business's 50-day moving average is $98.20 and its two-hundred day moving average is $94.21. The stock has a market capitalization of $80.38 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.47 and a beta of 0.99.

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 paid a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 4.0%. This is an increase from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper's payout ratio is currently 70.02%.

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.