Jump Financial LLC Increases Stake in Southern Copper Corporation $SCCO

Key Points

• Jump Financial LLC increased its stake in Southern Copper Corporation by 80.9%, now holding 42,254 shares valued at approximately $3.95 million.
• The company plans to pay a new dividend of $1.01 per share, a significant increase from the previous dividend of $0.62, representing a yield of 270.0%.
• Several analysts have adjusted their ratings and price targets for Southern Copper, with UBS lowering its rating to "neutral" and setting a target of $105.00.

Jump Financial LLC raised its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 80.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 42,254 shares of the basic materials company's stock after purchasing an additional 18,901 shares during the period. Jump Financial LLC's holdings in Southern Copper were worth $3,949,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its holdings in Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 147 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Southern Copper during the 1st quarter worth $29,000. N.E.W. Advisory Services LLC purchased a new position in shares of Southern Copper during the 1st quarter worth $34,000. IFP Advisors Inc raised its holdings in shares of Southern Copper by 53.7% during the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after acquiring an additional 256 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Southern Copper by 35.2% during the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after acquiring an additional 236 shares during the period. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Stock Down 0.5%

Shares of SCCO opened at $97.10 on Tuesday. The firm has a market cap of $78.08 billion, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 1.43 and a beta of 1.00. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44. The company's 50-day moving average price is $98.01 and its 200 day moving average price is $93.97. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67.

Southern Copper Increases Dividend

The business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be issued a $1.01 dividend. This is an increase from Southern Copper's previous -- dividend of $0.62. The ex-dividend date is Friday, August 15th. This represents a yield of 270.0%. Southern Copper's payout ratio is presently 70.02%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. UBS Group lowered Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a report on Tuesday, July 1st. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. reduced their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a report on Thursday, July 3rd. Morgan Stanley reiterated an "underweight" rating and set a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Finally, Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $91.00.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's 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 sale, the director directly owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.07% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.