Mackenzie Financial Corp Acquires 50,671 Shares of Southern Copper Corporation (NYSE:SCCO)

Key Points

• Mackenzie Financial Corp increased its stake in Southern Copper Corporation by 29.7%, acquiring a total of 221,487 shares worth approximately $20.7 million in the first quarter.
• Southern Copper recently announced a dividend of $1.01 per share, which reflects a positive increase from its previous dividend of $0.62, yielding 2.7%.
• Several analysts downgraded their ratings on Southern Copper, with the average recommendation now being a "Hold" and a consensus target price of $91.00.

Mackenzie Financial Corp raised its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 29.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 221,487 shares of the basic materials company's stock after buying an additional 50,671 shares during the quarter. Mackenzie Financial Corp's holdings in Southern Copper were worth $20,700,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 24th. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. decreased their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. Finally, UBS Group downgraded 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. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. According to data from MarketBeat.com, Southern Copper currently has a consensus rating of "Hold" and a consensus price target of $91.00.

Southern Copper Trading Down 2.8%

Shares of SCCO stock traded down $2.59 on Friday, hitting $91.57. The stock had a trading volume of 1,478,092 shares, compared to its average volume of 1,782,969. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $121.44. The company has a current ratio of 3.71, a quick ratio of 3.22 and a debt-to-equity ratio of 0.70. The firm has a market cap of $72.91 billion, a P/E ratio of 20.04, a PEG ratio of 1.35 and a beta of 1.00. The company has a fifty day moving average price of $97.40 and a two-hundred day moving average price of $93.86.

Southern Copper Increases Dividend

The company also recently announced a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be paid a $1.01 dividend. This represents a yield of 270.0%. The ex-dividend date is Friday, August 15th. This is a positive change from Southern Copper's previous -- dividend of $0.62. Southern Copper's dividend payout ratio (DPR) is presently 61.27%.

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.