Citigroup Inc. Purchases 77,454 Shares of Southern Copper Corporation (NYSE:SCCO)

Key Points

• Citigroup Inc. increased its stake in Southern Copper Corporation by 41.5%, acquiring an additional 77,454 shares, bringing its total holdings to 264,108 shares valued at approximately $24.7 million.
• Several hedge funds have also made adjustments to their positions in Southern Copper, contributing to the total institutional ownership which is currently at 7.94%.
• The company's latest declared dividend will be $1.01 per share, representing a significant increase from the previous $0.62 dividend.

Citigroup Inc. raised its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 41.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 264,108 shares of the basic materials company's stock after buying an additional 77,454 shares during the period. Citigroup Inc.'s holdings in Southern Copper were worth $24,684,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Generali Investments CEE investicni spolecnost a.s. boosted its position in shares of Southern Copper by 0.7% in the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock worth $1,409,000 after purchasing an additional 108 shares during the last quarter. Balefire LLC boosted its position in shares of Southern Copper by 3.0% in the 1st quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock worth $447,000 after purchasing an additional 141 shares during the last quarter. HB Wealth Management LLC boosted its position in shares of Southern Copper by 6.4% in the 1st quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock worth $222,000 after purchasing an additional 142 shares during the last quarter. Centerstone Investors LLC boosted its position in shares of Southern Copper by 0.6% in the 4th quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock worth $2,136,000 after purchasing an additional 143 shares during the last quarter. Finally, Sava Infond d.o.o. boosted its position in shares of Southern Copper by 0.7% in the 1st quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after purchasing an additional 144 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors.

Insider Activity

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction dated 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 of the company's stock, valued at $232,700. This trade represents a 15.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

Southern Copper Stock Performance

SCCO opened at $98.22 on Wednesday. The business's 50-day moving average price is $97.97 and its two-hundred day moving average price is $93.76. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $121.44. The company has a market capitalization of $78.98 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 1.40 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 Increases Dividend

The company also recently declared a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be paid a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 270.0%. This is a positive change from Southern Copper's previous -- dividend of $0.62. Southern Copper's dividend payout ratio (DPR) is 61.27%.

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.

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