Algert Global LLC Lowers Stock Holdings in Southern Copper Corporation $SCCO

Key Points

• Algert Global LLC significantly reduced its holdings in Southern Copper Corporation by 76%, now owning only 5,421 shares valued at $507,000 following the sale of 17,129 shares in the first quarter.
• Other institutional investors have shown mixed activity, with Nations Financial Group increasing its stake by 8.8% and American Century adding 10.6%, amidst varying analyses on stock performance and ratings from brokerages.
• Southern Copper announced an increase in its dividend to $1.01 per share from a previous $0.62, reflecting a dividend yield of 270% and a payout ratio of 70.02%.

Algert Global LLC decreased its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 76.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,421 shares of the basic materials company's stock after selling 17,129 shares during the period. Algert Global LLC's holdings in Southern Copper were worth $507,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Nations Financial Group Inc. IA ADV boosted its stake in shares of Southern Copper by 8.8% during the first quarter. Nations Financial Group Inc. IA ADV now owns 7,894 shares of the basic materials company's stock worth $738,000 after buying an additional 636 shares during the period. American Century Companies Inc. lifted its position in Southern Copper by 10.6% in the first quarter. American Century Companies Inc. now owns 62,271 shares of the basic materials company's stock valued at $5,820,000 after purchasing an additional 5,992 shares during the period. Fox Run Management L.L.C. acquired a new stake in Southern Copper in the first quarter valued at about $787,000. National Pension Service lifted its position in Southern Copper by 2.0% in the first quarter. National Pension Service now owns 26,394 shares of the basic materials company's stock valued at $2,467,000 after purchasing an additional 505 shares during the period. Finally, Regal Partners Ltd acquired a new stake in Southern Copper in the first quarter valued at about $3,198,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of Southern Copper stock traded up $0.16 during trading on Thursday, hitting $96.37. 966,575 shares of the company were exchanged, compared to its average volume of 1,412,260. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The stock has a market capitalization of $77.49 billion, a price-to-earnings ratio of 21.09, a P/E/G ratio of 1.43 and a beta of 1.00. The firm has a 50 day moving average price of $98.08 and a 200 day moving average price of $94.01.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly 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. The ex-dividend date is Friday, August 15th. This represents a $4.04 annualized dividend and a dividend yield of 4.2%. This is an increase from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is presently 70.02%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction that occurred 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 completion of the transaction, the director directly owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.07% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SCCO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reduced 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. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report 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 research report on Tuesday, July 1st. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Finally, 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. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Southern Copper has a consensus rating of "Reduce" and an average target price of $91.00.

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.