Southern Copper Corporation (NYSE:SCCO) Shares Purchased by Bayforest Capital Ltd

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 increased its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 669.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,068 shares of the basic materials company's stock after purchasing an additional 5,279 shares during the quarter. Bayforest Capital Ltd's holdings in Southern Copper were worth $567,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SCCO. Cullen Frost Bankers Inc. lifted its stake 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 worth $25,000 after purchasing an additional 147 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Southern Copper in the first quarter worth $29,000. N.E.W. Advisory Services LLC acquired a new stake in Southern Copper in the first quarter worth $34,000. IFP Advisors Inc increased its position in Southern Copper by 53.7% in the first quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after buying an additional 256 shares during the period. Finally, GAMMA Investing LLC increased its position in Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after buying an additional 236 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. dropped their target price on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Hsbc Global Res raised Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, UBS Group lowered Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $91.00.

Southern Copper Stock Performance

Shares of SCCO traded up $1.19 during trading hours on Monday, reaching $92.85. 385,104 shares of the company's stock traded hands, compared to its average volume of 1,459,469. The firm has a market capitalization of $73.92 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 1.32 and a beta of 1.00. 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 Corporation has a twelve month low of $74.84 and a twelve month high of $121.44. The business's fifty day simple moving average is $97.39 and its two-hundred day simple moving average is $93.78.

Southern Copper Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from Southern Copper's previous -- dividend of $0.62. This represents a yield of 270.0%. Southern Copper's dividend payout ratio is presently 70.02%.

Southern Copper Company 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.