431,612 Shares in Southern Copper Corporation $SCCO Purchased by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. has acquired a new stake in Southern Copper Corporation, purchasing 431,612 shares valued at approximately $40.3 million.
• Southern Copper recently increased its quarterly dividend from $0.62 to $1.01, representing a 3.9% yield.
• A consensus of analysts currently rates Southern Copper with a "Reduce" outlook and a target price of $93.60.

Jacobs Levy Equity Management Inc. bought a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 431,612 shares of the basic materials company's stock, valued at approximately $40,338,000. Jacobs Levy Equity Management Inc. owned approximately 0.05% of Southern Copper as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in Southern Copper by 26.3% during the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock worth $145,039,000 after acquiring an additional 322,935 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Southern Copper by 10.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,354,637 shares of the basic materials company's stock worth $123,448,000 after acquiring an additional 130,710 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Southern Copper by 6.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,280,286 shares of the basic materials company's stock worth $116,672,000 after acquiring an additional 78,769 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Southern Copper by 2.9% during the first quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company's stock worth $98,982,000 after acquiring an additional 30,232 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Southern Copper by 5.3% during the first quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company's stock worth $85,595,000 after acquiring an additional 45,691 shares in the last quarter. 7.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director directly owned 2,327 shares of the company's stock, valued at $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 1,028 shares of company stock worth $102,014 over the last 90 days. 0.07% of the stock is owned by company insiders.

Southern Copper Stock Up 0.6%

Shares of SCCO traded up $0.61 during trading hours on Monday, reaching $103.59. 1,421,092 shares of the stock traded hands, compared to its average volume of 964,809. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The stock has a fifty day simple moving average of $98.24 and a 200 day simple moving average of $94.17. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The company has a market cap of $83.29 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 1.46 and a beta of 0.99.

Southern Copper Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SCCO shares. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price on the stock. in a research note on Tuesday, July 1st. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. raised their price objective on shares of 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 reaffirmed an "underweight" rating and issued a $99.00 price objective (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $93.60.

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.