Southern Copper Corporation $SCCO Shares Sold by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. reduced its shareholding in Southern Copper Corporation by 64.9% during the first quarter, holding 7,008 shares valued at approximately $655,000 after selling 12,935 shares.
• Southern Copper recently declared a quarterly dividend increase from $0.62 to $1.01 per share, representing an annualized dividend of $4.04 and a yield of 3.9%.
• Analyst ratings for Southern Copper have been mixed, with institutions holding 7.94% of the stock and ratings ranging from "buy" to "underweight," reflecting a cautious outlook on the stock.

Graham Capital Management L.P. reduced its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 64.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,008 shares of the basic materials company's stock after selling 12,935 shares during the period. Graham Capital Management L.P.'s holdings in Southern Copper were worth $655,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Generali Investments CEE investicni spolecnost a.s. grew its holdings in Southern Copper by 0.7% in the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock valued at $1,409,000 after buying an additional 108 shares in the last quarter. Balefire LLC raised its position in Southern Copper by 3.0% in the first quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock valued at $447,000 after purchasing an additional 141 shares during the period. HB Wealth Management LLC lifted its stake in shares of Southern Copper by 6.4% in the 1st quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock valued at $222,000 after purchasing an additional 142 shares during the last quarter. Centerstone Investors LLC grew its holdings in shares of Southern Copper by 0.6% during the 4th quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock worth $2,136,000 after purchasing an additional 143 shares during the period. Finally, Sava Infond d.o.o. increased its position in shares of Southern Copper by 0.7% during the 1st quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the 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 sale, the director directly owned 2,327 shares in the company, valued at approximately $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 1,028 shares of company stock worth $102,014 over the last 90 days. 0.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SCCO has been the topic of a number of recent analyst reports. 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. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, September 3rd. UBS Group cut 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 downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, Morgan Stanley restated an "underweight" rating and set a $99.00 price target (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $93.60.

Southern Copper Stock Up 2.9%

Shares of SCCO stock traded up $2.92 during trading on Thursday, reaching $105.02. The company's stock had a trading volume of 958,740 shares, compared to its average volume of 1,006,850. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $121.44. The stock's 50-day moving average price is $98.11 and its 200 day moving average price is $94.34. The company has a market capitalization of $84.44 billion, a price-to-earnings ratio of 22.98, a P/E/G ratio of 1.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51.

Southern Copper Increases Dividend

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

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.