Mirae Asset Global Investments Co. Ltd. Decreases Stock Holdings in Southern Copper Corporation $SCCO

Key Points

• Mirae Asset Global Investments reduced its holdings in Southern Copper Corporation by 99.3% during the second quarter, leaving it with only 492 shares after selling 73,382 shares.
• Southern Copper recently increased its quarterly dividend to $1.01, up from $0.62, which translates to an annualized dividend of $4.04 and a yield of 3.2%.
• Several institutional investors have made significant changes to their positions in Southern Copper, with notable increases in holdings by Cullen Frost Bankers and Twin Tree Management, highlighting a shift in investor sentiment.

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 99.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 492 shares of the basic materials company's stock after selling 73,382 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Southern Copper were worth $50,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCCO. Cullen Frost Bankers Inc. increased its holdings in shares of Southern Copper by 117.6% during the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after buying an additional 147 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Southern Copper during the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Southern Copper during the 1st quarter worth approximately $34,000. Quarry LP acquired a new stake in shares of Southern Copper during the 1st quarter worth approximately $41,000. Finally, Twin Tree Management LP increased its holdings in shares of Southern Copper by 583.5% during the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock worth $58,000 after buying an additional 531 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Stock Performance

Shares of SCCO stock opened at $125.00 on Monday. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $136.49. The stock has a market capitalization of $100.51 billion, a PE ratio of 27.35, a P/E/G ratio of 1.26 and a beta of 1.02. The firm has a 50 day moving average of $106.49 and a two-hundred day moving average of $97.98.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were given a $1.01 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $4.04 annualized dividend and a yield of 3.2%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's dividend payout ratio is 70.02%.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the transaction, the director owned 2,327 shares of the company's stock, valued at $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have sold 1,228 shares of company stock valued at $123,102. Company insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SCCO. Citigroup restated a "sell" rating and set a $108.00 price target (up previously from $89.10) on shares of Southern Copper in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, September 3rd. Jefferies Financial Group set a $155.00 target price on shares of Southern Copper and gave the company a "buy" rating in a report on Monday, October 6th. Wells Fargo & Company upgraded shares of Southern Copper to a "hold" rating in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $132.00 target price on shares of Southern Copper and gave the company an "equal weight" rating in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $109.88.

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.

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