Gotham Asset Management LLC Cuts 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 trimmed its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Cullen Frost Bankers Inc. grew its holdings in shares of Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after acquiring an additional 147 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Southern Copper in the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new position in Southern Copper during the 1st quarter valued at about $34,000. Quarry LP purchased a new position in Southern Copper during the 1st quarter valued at about $41,000. Finally, Twin Tree Management LP increased its holdings in Southern Copper by 583.5% during the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock valued at $58,000 after acquiring an additional 531 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Trading Up 2.6%

Shares of SCCO stock traded up $2.63 on Thursday, reaching $104.73. 219,774 shares of the stock were exchanged, compared to its average volume of 1,399,578. The stock has a market cap of $84.21 billion, a P/E ratio of 22.93, a price-to-earnings-growth ratio of 1.42 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. The firm has a 50 day moving average of $98.12 and a two-hundred day moving average of $94.26. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $121.44.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Friday, August 15th. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is currently 70.02%.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $232,700. This represents a 15.10% decrease in their position. The sale 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. Corporate insiders own 0.07% of the company's stock.

Analysts Set New Price Targets

SCCO has been the subject of several recent research reports. Morgan Stanley restated an "underweight" rating and set a $99.00 target price (up from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. JPMorgan Chase & Co. lifted their price objective on 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 downgraded 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 downgraded Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Finally, Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $93.60.

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.