Federated Hermes Inc. Has $11.63 Million Position in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Federated Hermes Inc. significantly increased its stake in Southern Copper Corporation by 6,304.2%, acquiring a total of 124,434 shares worth approximately $11.63 million.
• Several hedge funds have also raised their positions in Southern Copper, with Mackenzie Financial Corp. increasing its stake by 29.7%, bringing its total to 221,487 shares valued at $20.7 million.
• Southern Copper recently declared a dividend increase from $0.62 to $1.01 per share, reflecting a yield of 270.0%, to be paid on September 4th.

Federated Hermes Inc. lifted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 6,304.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 124,434 shares of the basic materials company's stock after acquiring an additional 122,491 shares during the quarter. Federated Hermes Inc.'s holdings in Southern Copper were worth $11,630,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. grew its position in Southern Copper by 117.6% in the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after buying an additional 147 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Southern Copper in the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new position in Southern Copper during the 1st quarter worth approximately $34,000. IFP Advisors Inc grew its position in Southern Copper by 53.7% during the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after purchasing an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Southern Copper by 35.2% during the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after purchasing an additional 236 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Trading Up 1.5%

SCCO stock traded up $1.42 during midday trading on Monday, reaching $93.08. The company's stock had a trading volume of 1,012,762 shares, compared to its average volume of 1,856,901. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The stock has a market cap of $74.11 billion, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.32 and a beta of 1.00. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The business's 50-day simple moving average is $97.39 and its 200-day simple moving average is $93.78.

Southern Copper Increases Dividend

The company also recently declared a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a dividend of $1.01 per share. This is a positive change from Southern Copper's previous -- dividend of $0.62. This represents a dividend yield of 270.0%. The ex-dividend date of this dividend is Friday, August 15th. Southern Copper's payout ratio is 61.27%.

Wall Street Analyst Weigh In

SCCO has been the topic of several research analyst reports. Hsbc Global Res upgraded shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 24th. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a research report on Tuesday, July 1st. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. Based on data from MarketBeat, Southern Copper has a consensus rating of "Hold" and an average 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.