Connor Clark & Lunn Investment Management Ltd. Has $632,000 Stock Position in Southern Copper Corporation $SCCO

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Southern Copper Corporation by 65.9%, selling 13,047 shares during the first quarter, leaving them with 6,763 shares valued at approximately $632,000.
• The company's dividend has been increased to $1.01, up from the previous $0.62, representing a significant dividend yield of 270.0%.
• Analysts show mixed opinions on Southern Copper, with JPMorgan Chase lowering its price target from $83.50 to $79.00 while others have upgraded their ratings, leading to a consensus rating of "Hold" with an average target price of $91.00.

Connor Clark & Lunn Investment Management Ltd. lowered its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 65.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,763 shares of the basic materials company's stock after selling 13,047 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Southern Copper were worth $632,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in Southern Copper by 117.6% in the first 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 shares of Southern Copper during the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in Southern Copper in the 1st quarter valued at $34,000. IFP Advisors Inc lifted 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 valued at $69,000 after purchasing an additional 256 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Southern Copper by 35.2% during the first 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 period. Institutional investors own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of NYSE SCCO traded up $0.0440 during trading hours on Thursday, hitting $93.7440. 887,735 shares of the stock were exchanged, compared to its average volume of 1,429,280. The company's fifty day simple moving average is $97.98 and its two-hundred day simple moving average is $93.92. The company has a market cap of $75.38 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 1.38 and a beta of 1.00. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $121.44.

Southern Copper Increases Dividend

The firm also recently declared a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.01 per share. This is an increase from Southern Copper's previous -- dividend of $0.62. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 270.0%. Southern Copper's payout ratio is presently 70.02%.

Wall Street Analyst Weigh In

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

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director directly owned 2,327 shares in the company, valued at $232,700. This represents a 15.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.07% of the company's stock.

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.