Barings LLC Decreases 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 lessened its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 42.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,619 shares of the basic materials company's stock after selling 9,445 shares during the quarter. Barings LLC's holdings in Southern Copper were worth $1,179,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SCCO. Cullen Frost Bankers Inc. boosted its holdings in Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after acquiring an additional 147 shares during the period. Golden State Wealth Management LLC purchased a new stake in Southern Copper during the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in Southern Copper during the 1st quarter worth approximately $34,000. IFP Advisors Inc increased its holdings in 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 increased its holdings in Southern Copper by 35.2% during the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after purchasing an additional 236 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. UBS Group downgraded Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective on the stock. in a report on Tuesday, July 1st. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. dropped their price objective on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a report on Thursday, July 3rd. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $91.00.

Southern Copper Trading Down 2.8%

NYSE:SCCO opened at $91.57 on Friday. The company has a quick ratio of 3.22, a current ratio of 3.71 and a debt-to-equity ratio of 0.70. The business's 50 day moving average is $97.39 and its two-hundred day moving average is $93.83. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The company has a market cap of $72.91 billion, a PE ratio of 20.04, a P/E/G ratio of 1.35 and a beta of 1.00.

Southern Copper Increases Dividend

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

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