Advisors Asset Management Inc. Has $2.80 Million Stock Position in 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. lessened its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 49.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,996 shares of the basic materials company's stock after selling 28,800 shares during the quarter. Advisors Asset Management Inc.'s holdings in Southern Copper were worth $2,803,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SCCO. Teacher Retirement System of Texas bought a new position in Southern Copper in the 1st quarter worth about $2,637,000. Golden State Wealth Management LLC acquired a new position in shares of Southern Copper during the first quarter worth approximately $29,000. Oppenheimer & Co. Inc. bought a new position in Southern Copper in the 1st quarter worth approximately $337,000. GAMMA Investing LLC increased its position in Southern Copper by 35.2% in the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 236 shares during the period. Finally, Novem Group increased its position in Southern Copper by 34.4% in the 1st quarter. Novem Group now owns 10,758 shares of the basic materials company's stock valued at $1,005,000 after acquiring an additional 2,754 shares during the period. Institutional investors own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of NYSE SCCO traded up $1.17 during midday trading on Friday, reaching $106.22. The company's stock had a trading volume of 1,606,398 shares, compared to its average volume of 1,014,718. 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 $85.41 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 1.55 and a beta of 0.99. The company has a 50 day moving average price of $98.12 and a 200 day moving average price of $94.43. 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 declared a quarterly dividend, which was paid on Thursday, September 4th. Investors 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 yield of 3.8%. Southern Copper's payout ratio is presently 70.02%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director directly owned 2,327 shares in the company, valued at approximately $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 1,228 shares of company stock valued at $123,102. 0.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Southern Copper Company 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.