94,486 Shares in Southern Copper Corporation $SCCO Acquired by Dark Forest Capital Management LP

Key Points

• Dark Forest Capital Management LP has acquired a new position in Southern Copper Corporation, purchasing 94,486 shares valued at approximately $8.83 million, making it the fund's 13th largest stake.
• Southern Copper recently announced a quarterly dividend increase to $1.01, representing a yield of 4.2%, with a payout ratio of 70.02%.
• The stock's 52-week range has been between $74.84 and $121.44, indicating significant volatility as it currently trades around $96.06.

Dark Forest Capital Management LP bought a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 94,486 shares of the basic materials company's stock, valued at approximately $8,831,000. Southern Copper accounts for approximately 0.4% of Dark Forest Capital Management LP's investment portfolio, making the stock its 13th biggest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its holdings in shares of 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 period. Golden State Wealth Management LLC acquired a new stake in shares of Southern Copper during the first quarter worth about $29,000. N.E.W. Advisory Services LLC purchased a new position in Southern Copper during the first quarter valued at approximately $34,000. Quarry LP purchased a new position in Southern Copper during the first quarter valued at approximately $41,000. Finally, Twin Tree Management LP raised its position in Southern Copper by 583.5% during the first quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock valued at $58,000 after acquiring an additional 531 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of Southern Copper stock traded up $2.18 on Friday, reaching $103.00. The company's stock had a trading volume of 1,420,345 shares, compared to its average volume of 958,383. The company has a market capitalization of $82.82 billion, a P/E ratio of 22.54, a PEG ratio of 1.48 and a beta of 0.99. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44. The stock has a 50-day moving average price of $98.19 and a 200-day moving average price of $94.13. 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 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were given a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction that occurred 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 approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 1,028 shares of company stock worth $102,014 in the last three months. 0.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target for the company. in a research report on Tuesday, July 1st. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. 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 research report on Wednesday. Finally, Morgan Stanley reiterated an "underweight" rating and set a $99.00 price target (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Four investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $93.60.

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.