Southern Copper Corporation $SCCO Stock Holdings Lowered by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs has reduced its stake in Southern Copper Corporation by 11.5%, now holding approximately 1,075,246 shares valued at around $100 million.
• Southern Copper recently increased its quarterly dividend from $0.62 to $1.01 per share, reflecting a strong annualized yield of 3.8%.
• Several analysts have downgraded Southern Copper's stock ratings, with UBS Group changing its rating from "buy" to "neutral", setting a price target of $105.00.

Goldman Sachs Group Inc. lowered its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 11.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,075,246 shares of the basic materials company's stock after selling 139,662 shares during the period. Goldman Sachs Group Inc. owned 0.14% of Southern Copper worth $100,492,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Temasek Holdings Private Ltd boosted its stake in Southern Copper by 7.3% during the 1st quarter. Temasek Holdings Private Ltd now owns 390,949 shares of the basic materials company's stock worth $36,538,000 after purchasing an additional 26,533 shares during the period. Scientech Research LLC boosted its stake in Southern Copper by 245.8% during the 1st quarter. Scientech Research LLC now owns 9,613 shares of the basic materials company's stock worth $898,000 after purchasing an additional 6,833 shares during the period. NewEdge Advisors LLC boosted its stake in Southern Copper by 0.7% during the 1st quarter. NewEdge Advisors LLC now owns 52,113 shares of the basic materials company's stock worth $4,870,000 after purchasing an additional 350 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Southern Copper by 3.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company's stock worth $130,718,000 after acquiring an additional 44,014 shares during the period. Finally, Ion Asset Management Ltd. lifted its stake in shares of Southern Copper by 17.5% in the 1st quarter. Ion Asset Management Ltd. now owns 5,948 shares of the basic materials company's stock worth $556,000 after acquiring an additional 888 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley restated an "underweight" rating and issued a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. UBS Group cut shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price for the company. in a research note on Tuesday, July 1st. The Goldman Sachs Group set a $89.00 target price on shares of Southern Copper in a research note on Wednesday. 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, September 3rd. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Southern Copper currently has an average rating of "Reduce" and a consensus price target of $92.83.

Southern Copper Trading Up 0.4%

Shares of NYSE SCCO traded up $0.45 during midday trading on Thursday, reaching $107.33. 1,682,433 shares of the stock were exchanged, compared to its average volume of 1,173,311. The company has a market capitalization of $86.30 billion, a P/E ratio of 23.49, a P/E/G ratio of 1.58 and a beta of 0.99. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average price of $98.57 and a 200-day moving average price of $94.94.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were paid a dividend of $1.01 per share. This is an increase from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, August 15th. Southern Copper's payout ratio is presently 70.02%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business'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 directly owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 1,228 shares of company stock worth $123,102 in the last ninety days. 0.07% of the stock is owned by insiders.

Southern Copper Profile

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.