Driehaus Capital Management LLC Purchases 30,232 Shares of Southern Copper Corporation $SCCO

Key Points

• Driehaus Capital Management LLC increased its stake in Southern Copper Corporation by 2.9%, owning over 1 million shares valued at approximately $98.98 million as of the latest SEC filing.
• Southern Copper recently announced a quarterly dividend increase to $1.01, up from $0.62, reflecting a 4.2% yield with a dividend payout ratio of 70.02%.
• Equities analysts have mixed ratings on Southern Copper, with the consensus rating being "Reduce" and an average price target of $91.00.

Driehaus Capital Management LLC boosted its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 2.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,059,080 shares of the basic materials company's stock after buying an additional 30,232 shares during the period. Southern Copper makes up approximately 1.0% of Driehaus Capital Management LLC's portfolio, making the stock its 15th biggest position. Driehaus Capital Management LLC owned approximately 0.13% of Southern Copper worth $98,982,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SCCO. Dimensional Fund Advisors LP increased its holdings in shares of Southern Copper by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 424,673 shares of the basic materials company's stock worth $38,703,000 after purchasing an additional 31,453 shares during the period. Tower Research Capital LLC TRC boosted its position in Southern Copper by 974.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,633 shares of the basic materials company's stock valued at $331,000 after buying an additional 3,295 shares during the period. Voya Investment Management LLC boosted its position in Southern Copper by 11.0% during the fourth quarter. Voya Investment Management LLC now owns 12,536 shares of the basic materials company's stock valued at $1,142,000 after buying an additional 1,244 shares during the period. Northern Trust Corp boosted its holdings in shares of Southern Copper by 44.9% during the fourth quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock worth $104,484,000 after purchasing an additional 355,013 shares during the period. Finally, Lido Advisors LLC lifted its holdings in Southern Copper by 58.3% in the fourth quarter. Lido Advisors LLC now owns 3,021 shares of the basic materials company's stock worth $275,000 after buying an additional 1,113 shares during the period. Institutional investors own 7.94% of the company's stock.

Southern Copper Stock Up 1.2%

Shares of NYSE:SCCO traded up $1.16 during trading on Tuesday, hitting $97.25. 893,450 shares of the company were exchanged, compared to its average volume of 1,405,218. The firm's 50 day moving average price is $98.18 and its 200-day moving average price is $94.00. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44. The stock has a market capitalization of $78.20 billion, a P/E ratio of 21.28, a PEG ratio of 1.41 and a beta of 0.99. 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 business also recently disclosed a quarterly 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 represents a $4.04 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, August 15th. This is an increase from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is currently 70.02%.

Insider Buying and Selling

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction that occurred on 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 sale, the director owned 2,327 shares of the company's stock, valued at approximately $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.07% of the company's stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of analyst reports. Morgan Stanley reaffirmed an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. decreased their target price on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. UBS Group downgraded shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a report on Tuesday, July 1st. Finally, Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Four analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Southern Copper has a consensus rating of "Reduce" and a consensus target price of $91.00.

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.