Manning & Napier Advisors LLC Has $11.74 Million Position in Southern Copper Corporation $SCCO

Key Points

• Manning & Napier Advisors cut its Southern Copper stake by 13.8% in the first quarter, selling 10,920 shares and ending with 68,252 shares worth about $11.74 million.
• Several other institutional investors also adjusted positions in SCCO, while institutional ownership stands at 7.94% of the stock.
• Southern Copper shares rose 0.9% to $175.99, and the company recently paid a quarterly dividend of $1.00 per share for a 2.3% annualized yield. Analysts currently have a consensus rating of "Reduce" with a $147.10 price target.

Manning & Napier Advisors LLC lessened its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 13.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,252 shares of the basic materials company's stock after selling 10,920 shares during the period. Manning & Napier Advisors LLC's holdings in Southern Copper were worth $11,743,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. SHP Wealth Management acquired a new stake in Southern Copper during the 4th quarter worth approximately $25,000. Lloyd Advisory Services LLC. acquired a new position in shares of Southern Copper in the fourth quarter valued at approximately $29,000. Virtus Advisers LLC acquired a new position in shares of Southern Copper in the fourth quarter valued at approximately $29,000. Godfrey Financial Associates Inc. bought a new stake in shares of Southern Copper during the fourth quarter worth $30,000. Finally, IFP Advisors Inc raised its holdings in shares of Southern Copper by 233.3% during the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock worth $33,000 after acquiring an additional 161 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 404 shares of company stock worth $74,108. Corporate insiders own 0.07% of the company's stock.

Southern Copper Stock Up 0.9%

SCCO traded up $1.56 during trading hours on Friday, hitting $175.99. 791,271 shares of the company's stock were exchanged, compared to its average volume of 1,224,357. The stock has a market cap of $145.38 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 1.53 and a beta of 1.11. Southern Copper Corporation has a 1-year low of $88.73 and a 1-year high of $223.88. The stock's 50-day moving average is $181.14 and its two-hundred day moving average is $180.93. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Wednesday, May 13th. Southern Copper's dividend payout ratio is currently 66.12%.

Wall Street Analyst Weigh In

SCCO has been the topic of several research reports. Scotiabank reaffirmed an "underperform" rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Weiss Ratings downgraded Southern Copper from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a report on Wednesday, June 17th. Barclays assumed coverage on Southern Copper in a research report on Thursday, May 21st. They set an "underweight" rating and a $148.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $147.10.

About Southern Copper

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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