Barings LLC Lowers Stock Position in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Barings LLC has reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 42.8%, owning 12,619 shares after selling 9,445 shares during the first quarter.
• Southern Copper announced a dividend payment of $1.01 per share, with a yield of 270.0%, significantly increasing from the previous dividend of $0.62.
• Despite its financial challenges, Wall Street analysts have mixed ratings on Southern Copper, with the consensus being a "Hold" and an average price target of $91.00.

Barings LLC decreased its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 42.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 12,619 shares of the basic materials company's stock after selling 9,445 shares during the period. Barings LLC's holdings in Southern Copper were worth $1,179,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Cullen Frost Bankers Inc. increased its holdings in Southern Copper by 117.6% during the first 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 during the period. Golden State Wealth Management LLC bought a new position in shares of Southern Copper in the 1st quarter worth $29,000. N.E.W. Advisory Services LLC bought a new position in shares of Southern Copper in the 1st quarter worth $34,000. IFP Advisors Inc lifted its stake 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 worth $69,000 after purchasing an additional 256 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in 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 in the last quarter. Institutional investors own 7.94% of the company's stock.

Wall Street Analyst Weigh In

SCCO has been the subject of several analyst reports. 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. Morgan Stanley reiterated an "underweight" rating and set a $99.00 price objective (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. 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 lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, UBS Group lowered 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 note on Tuesday, July 1st. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to data from MarketBeat, Southern Copper currently has a consensus rating of "Hold" and an average price target of $91.00.

Southern Copper Stock Performance

Shares of SCCO stock traded up $0.70 during trading hours on Wednesday, hitting $95.23. The company's stock had a trading volume of 711,282 shares, compared to its average volume of 1,456,698. The company has a 50 day moving average of $97.43 and a 200 day moving average of $93.75. The stock has a market cap of $75.82 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 1.34 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. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44.

Southern Copper Increases Dividend

The firm also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be issued a $1.01 dividend. This is an increase from Southern Copper's previous -- dividend of $0.62. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 270.0%. Southern Copper's payout ratio is currently 61.27%.

About Southern Copper

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.