Gotham Asset Management LLC Has $19.92 Million Stake in Southern Copper Corporation $SCCO

Key Points

• Gotham Asset Management LLC has reduced its holdings in Southern Copper Corporation by 3.1%, now owning 213,090 shares worth approximately $19.9 million.
• Several institutional investors have recently changed their positions in Southern Copper, with Cullen Frost Bankers Inc. increasing its stake by 117.6%.
• Southern Copper has announced a quarterly dividend of $1.01, representing a yield of 3.9%, an increase from its previous dividend of $0.62.

Gotham Asset Management LLC cut its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 213,090 shares of the basic materials company's stock after selling 6,736 shares during the period. Gotham Asset Management LLC's holdings in Southern Copper were worth $19,915,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new position in shares of Southern Copper in the 1st quarter worth about $2,637,000. Golden State Wealth Management LLC bought a new position in shares of Southern Copper in the 1st quarter worth about $29,000. Oppenheimer & Co. Inc. bought a new position in shares of Southern Copper in the 1st quarter worth about $337,000. GAMMA Investing LLC raised its position in shares of Southern Copper by 35.2% in the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after acquiring an additional 236 shares in the last quarter. Finally, Novem Group raised its position in shares of Southern Copper by 34.4% in the 1st quarter. Novem Group now owns 10,758 shares of the basic materials company's stock worth $1,005,000 after acquiring an additional 2,754 shares in the last quarter. 7.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. UBS Group lowered 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. JPMorgan Chase & Co. raised their target price on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, September 3rd. Morgan Stanley restated an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper presently has a consensus rating of "Reduce" and an average price target of $93.60.

Southern Copper Stock Up 0.6%

SCCO stock traded up $0.61 during mid-day trading on Monday, reaching $103.59. 1,421,092 shares of the company traded hands, compared to its average volume of 964,809. The stock has a market cap of $83.29 billion, a price-to-earnings ratio of 22.67, a P/E/G ratio of 1.46 and a beta of 0.99. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The firm's 50 day moving average price is $98.24 and its 200 day moving average price is $94.17.

Southern Copper Increases Dividend

The business also recently declared 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. The ex-dividend date was Friday, August 15th. This represents a $4.04 dividend on an annualized basis and a yield of 3.9%. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 1,028 shares of company stock worth $102,014. 0.07% of the stock is currently owned by insiders.

Southern Copper Company 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.