Bayforest Capital Ltd cut its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 41.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,541 shares of the basic materials company's stock after selling 2,527 shares during the quarter. Bayforest Capital Ltd's holdings in Southern Copper were worth $358,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SCCO. Jacobs Levy Equity Management Inc. bought a new position in shares of Southern Copper during the first quarter valued at $40,338,000. Nuveen LLC bought a new position in shares of Southern Copper during the first quarter valued at $34,086,000. JPMorgan Chase & Co. raised its holdings in shares of Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after buying an additional 322,935 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Southern Copper in the first quarter valued at about $25,739,000. Finally, Strs Ohio bought a new position in shares of Southern Copper in the first quarter valued at about $15,382,000. 7.94% of the stock is owned by institutional investors.
Insider Activity at Southern Copper
In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the sale, 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 the SEC website. Over the last three months, insiders sold 1,228 shares of company stock valued at $123,102. Corporate insiders own 0.07% of the company's stock.
Southern Copper Trading Up 1.1%
NYSE:SCCO opened at $132.17 on Thursday. The company has a market cap of $106.28 billion, a P/E ratio of 28.92, a price-to-earnings-growth ratio of 1.31 and a beta of 1.02. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $136.49. The business has a 50 day moving average price of $108.75 and a two-hundred day moving average price of $98.71.
Southern Copper Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were issued a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, August 15th. This is a boost from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is currently 70.02%.
Analyst Ratings Changes
A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, September 3rd. The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the stock a "sell" rating in a report on Wednesday, September 17th. UBS Group reiterated a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Citigroup reissued a "sell" rating and set a $108.00 price target (up from $89.10) on shares of Southern Copper in a research report on Wednesday, October 8th. Finally, Morgan Stanley set a $132.00 price objective on Southern Copper and gave the company an "equal weight" rating in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Southern Copper presently has an average rating of "Reduce" and a consensus price target of $109.88.
Check Out Our Latest Analysis on Southern Copper
Southern Copper Profile
(
Free Report)
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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