Mitsubishi UFJ Asset Management Co. Ltd. Has $9.08 Million Stake in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Southern Copper Corporation by 27.5% during the 1st quarter, holding a total of approximately $9.08 million worth of shares.
• Southern Copper recently announced a dividend increase, with a yield of 270.0% on a $1.01 dividend to be paid on September 4th.
• Several brokerages downgraded their ratings on Southern Copper, with average ratings now at "Hold" and a consensus price target of $91.00, reflecting cautious sentiment among analysts.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 97,157 shares of the basic materials company's stock after purchasing an additional 20,942 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Southern Copper were worth $9,080,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of SCCO. Teacher Retirement System of Texas acquired a new position in Southern Copper during the 1st quarter worth about $2,637,000. Golden State Wealth Management LLC bought a new position in shares of Southern Copper in the first quarter worth about $29,000. Oppenheimer & Co. Inc. bought a new stake in shares of Southern Copper during the first quarter valued at approximately $337,000. GAMMA Investing LLC increased its holdings in shares of Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after purchasing an additional 236 shares in the last quarter. Finally, Novem Group raised its position in Southern Copper by 34.4% in the 1st quarter. Novem Group now owns 10,758 shares of the basic materials company's stock worth $1,005,000 after purchasing an additional 2,754 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 400 shares of Southern Copper stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $97.50, for a total value of $39,000.00. Following the sale, the director owned 2,741 shares of the company's stock, valued at $267,247.50. This trade represents a 12.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.07% of the company's stock.

Southern Copper Price Performance

Shares of SCCO opened at $96.17 on Tuesday. The stock has a 50 day simple moving average of $97.85 and a 200 day simple moving average of $93.73. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The firm has a market capitalization of $77.32 billion, a PE ratio of 21.04, a P/E/G ratio of 1.44 and a beta of 1.00.

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 given a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a yield of 270.0%. This is an increase from Southern Copper's previous -- dividend of $0.62. Southern Copper's payout ratio is presently 61.27%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SCCO. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. 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. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. 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, the stock presently has an average rating of "Hold" and a consensus price target of $91.00.

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.

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