Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $376,000 Stock Position in Southern Copper Corporation $SCCO

Key Points

• Empirical Financial Services LLC reduced its holdings in Southern Copper Corporation by 45.7%, now owning 3,715 shares valued at approximately $376,000.
• Southern Copper announced a quarterly dividend of $1.01, marking an annualized basis payout of $4.04 with a yield of 3.1%, reflecting an increase from its previous dividend of $0.62.
• JPMorgan Chase & Co. and other institutional investors have increased their stakes in Southern Copper, with JPMorgan's holdings rising by 26.3% in the first quarter.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management reduced its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 45.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,715 shares of the basic materials company's stock after selling 3,125 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Southern Copper were worth $376,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after purchasing an additional 322,935 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Southern Copper by 3.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company's stock valued at $130,718,000 after buying an additional 44,014 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Southern Copper by 2.9% in the first quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company's stock valued at $98,982,000 after buying an additional 30,232 shares during the period. Ameriprise Financial Inc. increased its position in Southern Copper by 5.3% during the 1st quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company's stock valued at $85,595,000 after purchasing an additional 45,691 shares during the period. Finally, Empower Advisory Group LLC increased its position in Southern Copper by 17.0% during the 1st quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company's stock valued at $84,509,000 after purchasing an additional 131,156 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Trading Up 2.5%

NYSE SCCO opened at $128.46 on Monday. The business has a 50 day simple moving average of $102.99 and a 200 day simple moving average of $96.94. Southern Copper Corporation has a one year low of $74.84 and a one year high of $129.83. The stock has a market capitalization of $103.29 billion, a P/E ratio of 28.11, a P/E/G ratio of 1.31 and a beta of 1.02. 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 3.1%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper's payout ratio is 70.02%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm'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 value 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,228 shares of company stock valued at $123,102 over the last ninety days. Company insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SCCO. The Goldman Sachs Group set a $89.00 target price on shares of Southern Copper and gave the company a "sell" rating in a research report on Wednesday, September 17th. JPMorgan Chase & Co. increased their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 3rd. UBS Group reiterated a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Southern Copper in a research report on Saturday, September 27th. Finally, Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned 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 $92.40.

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.

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