Deutsche Bank AG Sells 59,750 Shares of Southern Copper Corporation (NYSE:SCCO)

Key Points

• Deutsche Bank AG has reduced its holdings in Southern Copper Corporation by 31.3%, selling 59,750 shares and now owning 131,044 shares valued at approximately $12.25 million.
• Equities analysts have set new price targets for Southern Copper, with JPMorgan Chase lowering their target from $83.50 to $79.00, maintaining a "neutral" rating.
• Southern Copper recently increased its dividend to $1.01 per share, up from $0.62, representing a significant dividend yield.

Deutsche Bank AG lowered its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 31.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 131,044 shares of the basic materials company's stock after selling 59,750 shares during the period. Deutsche Bank AG's holdings in Southern Copper were worth $12,247,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake 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 valued at $25,000 after acquiring an additional 147 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Southern Copper during the first quarter worth $29,000. N.E.W. Advisory Services LLC bought a new position in Southern Copper during the first quarter worth $34,000. IFP Advisors Inc raised its stake in Southern Copper by 53.7% during 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 last quarter. Finally, GAMMA Investing LLC raised its stake 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 buying an additional 236 shares during the last quarter. Institutional investors own 7.94% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SCCO shares. JPMorgan Chase & Co. lowered their target price on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. UBS Group cut shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target for the company. in a report on Tuesday, July 1st. Finally, Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company's stock. According to data from MarketBeat.com, Southern Copper presently has an average rating of "Hold" and a consensus target price of $91.00.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the transaction, the director directly owned 2,327 shares in the company, valued at $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.07% of the stock is owned by corporate insiders.

Southern Copper Trading Down 1.9%

NYSE:SCCO opened at $97.60 on Friday. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $78.48 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 1.45 and a beta of 1.00. The firm has a fifty day simple moving average of $98.11 and a two-hundred day simple moving average of $93.82. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $121.44.

Southern Copper Increases Dividend

The firm also recently disclosed 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. This represents a dividend yield of 270.0%. The ex-dividend date is Friday, August 15th. Southern Copper's dividend payout ratio is 61.27%.

Southern Copper 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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