Hsbc Holdings PLC Has $7.37 Million Holdings in Southern Copper Corporation $SCCO

Key Points

• HSBC Holdings PLC reduced its stake in Southern Copper Corporation by 13.4%, now holding shares worth approximately $7.37 million after selling 12,220 shares in the first quarter.
• Southern Copper plans to increase its dividend to $1.01, payable on September 4th, representing a significant boost from the previous $0.62 dividend, resulting in a yield of 270.0%.
• Analysts have varied ratings for Southern Copper, with UBS lowering its rating from "buy" to "neutral" and setting a price target of $105.00, while Morgan Stanley reaffirmed an "underweight" rating with a target of $99.00.

Hsbc Holdings PLC lessened its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 13.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,994 shares of the basic materials company's stock after selling 12,220 shares during the quarter. Hsbc Holdings PLC's holdings in Southern Copper were worth $7,370,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SCCO. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Southern Copper in the fourth quarter valued at approximately $40,226,000. Nuveen LLC bought a new stake in shares of Southern Copper in the first quarter worth $34,086,000. Northern Trust Corp lifted its position in shares of Southern Copper by 44.9% in the fourth quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock worth $104,484,000 after purchasing an additional 355,013 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock worth $145,039,000 after purchasing an additional 322,935 shares in the last quarter. Finally, Jennison Associates LLC bought a new stake in shares of Southern Copper in the first quarter worth $25,739,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of SCCO opened at $97.10 on Tuesday. The firm has a market capitalization of $78.08 billion, a PE ratio of 21.25, a PEG ratio of 1.43 and a beta of 1.00. The company's 50-day moving average is $98.01 and its 200-day moving average is $93.97. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. 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 business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This is a boost from Southern Copper's previous -- dividend of $0.62. This represents a dividend yield of 270.0%. Southern Copper's payout ratio is currently 70.02%.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director directly owned 2,327 shares of the company's stock, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.07% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective on the stock. in a research report on Tuesday, July 1st. Morgan Stanley reaffirmed an "underweight" rating and set a $99.00 price target (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. 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. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $91.00.

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.

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