Greenline Partners LLC Raises Holdings in Southern Copper Corporation $SCCO

Key Points

• Greenline Partners LLC increased its stake in Southern Copper Corporation by 4.0% in Q1, owning approximately $9.15 million worth of shares, reflecting 1.3% of its portfolio.
• Southern Copper recently announced a quarterly dividend increase to $1.01 per share, resulting in an annualized yield of 4.0%.
• Several institutional investors, including PDT Partners and Royal Bank of Canada, made significant moves, with the latter boosting its position by 42.1% in Q1.

Greenline Partners LLC boosted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 4.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,864 shares of the basic materials company's stock after acquiring an additional 3,795 shares during the period. Southern Copper accounts for about 1.3% of Greenline Partners LLC's portfolio, making the stock its 18th biggest position. Greenline Partners LLC's holdings in Southern Copper were worth $9,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Southern Copper during the 4th quarter worth $40,226,000. Nuveen LLC acquired a new position in shares of Southern Copper during the 1st quarter worth $34,086,000. JPMorgan Chase & Co. raised its holdings in shares of Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock worth $145,039,000 after buying an additional 322,935 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Southern Copper during the 1st quarter worth $25,739,000. Finally, Driehaus Capital Management LLC grew its position in Southern Copper by 26.8% during the 4th quarter. Driehaus Capital Management LLC now owns 1,028,848 shares of the basic materials company's stock worth $93,759,000 after acquiring an additional 217,546 shares during the last quarter. Institutional investors own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SCCO shares. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price for the company. in a report on Tuesday, July 1st. Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. upped their price target on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. 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 investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $93.60.

Southern Copper Stock Up 0.6%

Shares of SCCO stock traded up $0.61 during trading hours on Monday, reaching $103.59. The company had a trading volume of 1,421,092 shares, compared to its average volume of 1,405,462. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. The company has a market cap of $83.29 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 1.46 and a beta of 0.99. The business has a fifty day simple moving average of $98.19 and a 200-day simple moving average of $94.09. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $121.44.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a dividend of $1.01 per share. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper's dividend payout ratio is 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 sale, the director owned 2,327 shares of the company's stock, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 1,028 shares of company stock worth $102,014 over the last three months. 0.07% of the stock is currently owned by company 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.