Bayforest Capital Ltd Grows Position in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Southern Copper Corporation by 669.1%, owning 6,068 shares valued at approximately $567,000.
• Several hedge funds, including Capital World Investors and Price T Rowe Associates, have also made adjustments to their stakes, indicating strong institutional interest in Southern Copper.
• Southern Copper announced a dividend increase to $1.01 per share, up from $0.62, representing a yield of 2.7% with a payout ratio of 61.27%.

Bayforest Capital Ltd boosted its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 669.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,068 shares of the basic materials company's stock after acquiring an additional 5,279 shares during the period. Bayforest Capital Ltd's holdings in Southern Copper were worth $567,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. lifted its holdings in shares of Southern Copper by 117.6% in 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 during the period. Golden State Wealth Management LLC acquired a new position in Southern Copper during the first quarter worth $29,000. N.E.W. Advisory Services LLC purchased a new position in Southern Copper in the first quarter worth $34,000. IFP Advisors Inc lifted its holdings in Southern Copper by 53.7% in the first quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock valued at $69,000 after acquiring an additional 256 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 236 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of recent analyst reports. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Morgan Stanley reissued an "underweight" rating and set a $99.00 price objective (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their target price on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a report on Thursday, July 3rd. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, Hsbc Global Res raised Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $91.00.

Southern Copper Price Performance

SCCO stock traded down $2.59 during midday trading on Friday, hitting $91.57. 1,478,092 shares of the stock were exchanged, compared to its average volume of 1,782,969. The stock's 50-day moving average price is $97.39 and its 200-day moving average price is $93.83. The stock has a market cap of $72.91 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 1.35 and a beta of 1.00. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The company has a debt-to-equity ratio of 0.70, a quick ratio of 3.22 and a current ratio of 3.71.

Southern Copper Increases Dividend

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