Erste Asset Management GmbH Acquires 7,498 Shares of Southern Copper Corporation $SCCO

Key Points

• Erste Asset Management GmbH increased its stake in Southern Copper Corporation by 32,600.0%, acquiring 7,498 additional shares, bringing its total to 7,521 shares valued at approximately $708,000.
• Southern Copper announced a dividend increase to $1.01, a substantial rise from the previous $0.62, representing a yield of 270.0%.
• Recent analyst ratings reflect a diminished outlook for Southern Copper, with UBS downgrading the stock to "neutral" and setting a price target of $105.00.

Erste Asset Management GmbH boosted its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 32,600.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,521 shares of the basic materials company's stock after purchasing an additional 7,498 shares during the quarter. Erste Asset Management GmbH's holdings in Southern Copper were worth $708,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cullen Frost Bankers Inc. increased 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 valued at $25,000 after acquiring an additional 147 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper during the first quarter valued at approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper during the first quarter valued at approximately $34,000. IFP Advisors Inc increased its holdings in shares of Southern Copper by 53.7% during the first quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock valued at $69,000 after acquiring an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Southern Copper by 35.2% during the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 236 shares in the last quarter. Institutional investors own 7.94% of the company's stock.

Southern Copper Trading Up 4.0%

Shares of Southern Copper stock opened at $97.4490 on Friday. The stock has a fifty day simple moving average of $98.00 and a 200 day simple moving average of $93.97. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44. The company has a market capitalization of $78.36 billion, a P/E ratio of 21.32, a price-to-earnings-growth ratio of 1.37 and a beta of 1.00.

Southern Copper Increases Dividend

The firm also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be given a $1.01 dividend. This is an increase from Southern Copper's previous -- dividend of $0.62. This represents a yield of 270.0%. The ex-dividend date of this dividend is Friday, August 15th. Southern Copper's payout ratio is presently 70.02%.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction 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 transaction, the director owned 2,327 shares of the company's stock, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.07% of the company's stock.

Wall Street Analyst Weigh In

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

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