Allspring Global Investments Holdings LLC Boosts Holdings in Southern Copper Corporation $SCCO

Key Points

• Allspring Global Investments increased its holdings in Southern Copper by 7.6%, owning a total of 440,472 shares valued at approximately $44.97 million.
• A recent dividend increase saw Southern Copper's quarterly payout rise to $1.01 from $0.62, representing an annualized yield of 3.1%.
• Analysts' ratings for Southern Copper show a mix of opinions, with target prices ranging from $79.00 to $155.00, and an average rating of "Reduce" as per MarketBeat data.

Allspring Global Investments Holdings LLC boosted its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 7.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 440,472 shares of the basic materials company's stock after buying an additional 31,141 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Southern Copper worth $44,972,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of SCCO. GAMMA Investing LLC boosted its stake in shares of Southern Copper by 35.2% during the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after purchasing an additional 236 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Southern Copper by 42.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,773 shares of the basic materials company's stock valued at $1,381,000 after purchasing an additional 4,391 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Southern Copper by 6.2% during the first quarter. Janney Montgomery Scott LLC now owns 187,970 shares of the basic materials company's stock valued at $17,568,000 after purchasing an additional 11,052 shares during the period. QRG Capital Management Inc. purchased a new stake in shares of Southern Copper during the first quarter valued at $263,000. Finally, ORG Wealth Partners LLC purchased a new stake in shares of Southern Copper during the first quarter valued at $1,260,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on SCCO shares. The Goldman Sachs Group set a $89.00 target price on shares of Southern Copper and gave the company a "sell" rating in a research note on Wednesday, September 17th. Jefferies Financial Group set a $155.00 price objective on Southern Copper and gave the company a "buy" rating in a report on Monday, October 6th. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, September 3rd. Wells Fargo & Company upgraded Southern Copper to a "hold" rating in a report on Wednesday, October 8th. Finally, UBS Group restated a "buy" rating on shares of Southern Copper in a report on Friday, September 19th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Southern Copper presently has an average rating of "Reduce" and a consensus target price of $109.88.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $130.79 on Wednesday. The company has a market capitalization of $105.16 billion, a PE ratio of 28.62, a P/E/G ratio of 1.34 and a beta of 1.02. 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 company has a 50-day simple moving average of $108.01 and a two-hundred day simple moving average of $98.48. Southern Copper Corporation has a one year low of $74.84 and a one year high of $136.49.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were issued a $1.01 dividend. This is a boost from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, August 15th. Southern Copper's dividend payout ratio is presently 70.02%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the transaction, the director directly owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 1,228 shares of company stock valued at $123,102 in the last ninety days. Insiders own 0.07% of the company's stock.

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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