Ameriprise Financial Inc. Acquires 45,691 Shares of Southern Copper Corporation $SCCO

Key Points

• Ameriprise Financial Inc. increased its stake in Southern Copper Corporation by 5.3%, acquiring an additional 45,691 shares, making its total holdings approximately $85.6 million as of the latest SEC filing.
• Southern Copper recently announced a dividend increase to $1.01 per share, reflecting a remarkable yield of 270.0%, up from a previous dividend of $0.62.
• Analysts have adjusted their price targets for Southern Copper, with UBS lowering its rating to "neutral" and setting a target price of $105, while other firms, like JPMorgan, also reduced their target.

Ameriprise Financial Inc. grew its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 5.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 915,147 shares of the basic materials company's stock after buying an additional 45,691 shares during the period. Ameriprise Financial Inc. owned 0.11% of Southern Copper worth $85,595,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Cullen Frost Bankers Inc. boosted its holdings in shares of Southern Copper by 117.6% during the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock valued at $25,000 after buying an additional 147 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper during the 1st quarter valued at $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper during the 1st quarter valued at $34,000. IFP Advisors Inc boosted its holdings in shares of Southern Copper by 53.7% during the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock valued at $69,000 after buying an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Southern Copper by 35.2% during the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after buying an additional 236 shares in the last quarter. Institutional investors own 7.94% of the company's stock.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $97.10 on Tuesday. The stock has a market cap of $78.08 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 1.43 and a beta of 1.00. The firm's 50-day moving average is $98.01 and its 200 day moving average is $93.97. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $121.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51.

Southern Copper Increases Dividend

The business also recently announced a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be paid a dividend of $1.01 per share. The ex-dividend date is Friday, August 15th. This represents a yield of 270.0%. This is an increase from Southern Copper's previous -- dividend of $0.62. Southern Copper's dividend payout ratio (DPR) is currently 70.02%.

Analysts Set New Price Targets

A number of analysts have recently commented on SCCO shares. UBS Group cut shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price on the stock. in a report on Tuesday, July 1st. JPMorgan Chase & Co. dropped their price target on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $91.00.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. This represents a 15.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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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