Aigen Investment Management LP Lowers Holdings in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Aigen Investment Management LP significantly reduced its holdings in Southern Copper Corporation by 87.8% during the 1st quarter, ending up with just 2,169 shares worth approximately $203,000.
• Southern Copper recently announced a dividend increase to $1.01 per share, up from the previous $0.62, with an ex-dividend date of August 15th and a dividend yield of 270.0%.
• Brokerages have downgraded Southern Copper's stock ratings, with UBS Group moving from a "buy" to a "neutral" rating and a $105.00 price objective, reflecting mixed sentiments among analysts.

Aigen Investment Management LP decreased its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 87.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,169 shares of the basic materials company's stock after selling 15,656 shares during the quarter. Aigen Investment Management LP's holdings in Southern Copper were worth $203,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SCCO. Generali Investments CEE investicni spolecnost a.s. grew its holdings in shares of Southern Copper by 0.7% during the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock worth $1,409,000 after purchasing an additional 108 shares during the period. Balefire LLC grew its holdings in shares of Southern Copper by 3.0% during the 1st quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock worth $447,000 after purchasing an additional 141 shares during the period. HB Wealth Management LLC grew its holdings in shares of Southern Copper by 6.4% during the 1st quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock worth $222,000 after purchasing an additional 142 shares during the period. Centerstone Investors LLC grew its holdings in shares of Southern Copper by 0.6% during the 4th quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock worth $2,136,000 after purchasing an additional 143 shares during the period. Finally, Sava Infond d.o.o. grew its holdings in shares of Southern Copper by 0.7% during the 1st quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 7.94% of the company's stock.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director directly owned 2,327 shares in the company, valued at $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 available through this hyperlink. Company insiders own 0.07% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SCCO. 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 research report on Tuesday, July 1st. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. JPMorgan Chase & Co. lowered their price objective on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research report on Thursday, July 3rd. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Finally, Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $91.00.

Southern Copper Stock Performance

Southern Copper stock opened at $95.89 on Friday. The stock has a market cap of $77.10 billion, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 1.42 and a beta of 1.00. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average of $98.12 and a 200-day moving average of $93.86. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44.

Southern Copper Increases Dividend

The firm also recently announced a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be paid 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 (DPR) is currently 61.27%.

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.

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