Drive Wealth Management LLC Has $223,000 Holdings in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Drive Wealth Management LLC reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 54.0%, selling 2,798 shares and leaving them with 2,383 shares worth approximately $223,000 at the end of the quarter.
• Analysts have given Southern Copper a consensus rating of "Hold", with a price target of $91.00, while Morgan Stanley recently raised their target price to $99.00.
• Southern Copper announced a new $1.01 dividend, to be paid on September 4th, representing a yield of 2.7%, an increase from its previous dividend of $0.62.

Drive Wealth Management LLC lowered its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 54.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,383 shares of the basic materials company's stock after selling 2,798 shares during the quarter. Drive Wealth Management LLC's holdings in Southern Copper were worth $223,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Norges Bank acquired a new position in Southern Copper during the fourth quarter worth $52,738,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Southern Copper during the fourth quarter worth $40,226,000. Renaissance Technologies LLC boosted its holdings in Southern Copper by 1,417.7% in the fourth quarter. Renaissance Technologies LLC now owns 407,912 shares of the basic materials company's stock valued at $37,173,000 after acquiring an additional 381,035 shares during the last quarter. Northern Trust Corp boosted its holdings in Southern Copper by 44.9% in the fourth quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock valued at $104,484,000 after acquiring an additional 355,013 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Southern Copper by 49.6% in the fourth quarter. Marshall Wace LLP now owns 998,923 shares of the basic materials company's stock valued at $91,032,000 after acquiring an additional 331,319 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. cut their target price on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Finally, UBS Group lowered Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a research report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating and five have given 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 price target of $91.00.

Southern Copper Trading Down 1.8%

Shares of SCCO stock traded down $1.70 on Wednesday, hitting $94.96. The company had a trading volume of 570,529 shares, compared to its average volume of 1,424,906. The firm has a market cap of $75.60 billion, a P/E ratio of 20.76, a P/E/G ratio of 2.49 and a beta of 1.02. The stock's 50-day moving average is $97.33 and its two-hundred day moving average is $93.88. The company has a debt-to-equity ratio of 0.70, a quick ratio of 3.22 and a current ratio of 3.71. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $121.44.

Southern Copper Increases Dividend

The firm also recently announced a -- dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be paid a dividend of $1.01 per share. The ex-dividend date is Friday, August 15th. This represents a yield of 2.7%. This is a boost from Southern Copper's previous -- dividend of $0.62. Southern Copper's dividend payout ratio (DPR) is currently 61.27%.

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.