Allspring Global Investments Holdings LLC Cuts Position in Southern Copper Corporation $SCCO

Key Points

• Allspring Global Investments reduced its stake in Southern Copper by 27.1% in Q1, selling 124,024 shares and leaving it with 334,211 shares worth about $59.5 million.
• Insider selling also occurred, with director Bonilla Luis Miguel Palomino selling 200 shares in May; insiders have sold 404 shares over the past 90 days, and they own just 0.07% of the company.
• Analysts remain cautious overall: Southern Copper has a consensus “Reduce” rating with a $148.10 price target, even after a few recent upgrades and target increases.

Allspring Global Investments Holdings LLC trimmed its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 27.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 334,211 shares of the basic materials company's stock after selling 124,024 shares during the period. Allspring Global Investments Holdings LLC's holdings in Southern Copper were worth $59,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Intech Investment Management LLC increased its stake in Southern Copper by 0.8% during the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company's stock worth $865,000 after acquiring an additional 50 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Southern Copper by 0.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company's stock valued at $871,000 after buying an additional 51 shares during the period. Steel Grove Capital Advisors LLC lifted its position in Southern Copper by 1.8% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company's stock worth $417,000 after buying an additional 52 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in Southern Copper by 0.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company's stock worth $915,000 after buying an additional 53 shares during the period. Finally, Venture Visionary Partners LLC increased its position in Southern Copper by 0.8% during the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company's stock valued at $1,004,000 after acquiring an additional 53 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director owned 1,807 shares of the company's stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 404 shares of company stock worth $74,108 over the last ninety days. Corporate insiders own 0.07% of the company's stock.

Southern Copper Stock Performance

SCCO stock opened at $172.22 on Friday. Southern Copper Corporation has a 1-year low of $88.73 and a 1-year high of $223.88. The business has a 50-day moving average price of $181.03 and a 200 day moving average price of $181.99. The company has a market capitalization of $142.26 billion, a P/E ratio of 28.47, a PEG ratio of 1.47 and a beta of 1.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89.

Southern Copper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper's dividend payout ratio is presently 66.12%.

Analysts Set New Price Targets

SCCO has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised shares of Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price objective on the stock in a research report on Friday, April 10th. Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a research note on Wednesday. Wells Fargo & Company increased their price target on Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on Southern Copper from $127.00 to $131.50 and gave the stock an "underweight" rating in a research note on Wednesday, June 17th. Finally, Wall Street Zen upgraded Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $148.10.

Southern Copper Company Profile

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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