National Bank of Canada FI Decreases Stock Position in Southern Copper Corporation (NYSE:SCCO)

Key Points

• National Bank of Canada FI decreased its stake in Southern Copper Corporation by 91.4%, now holding just 3,918 shares worth approximately $366,000.
• In contrast, other investors like Generali Investments and Balefire LLC increased their positions in the company during the same quarter, indicating mixed sentiment among large investors.
• Southern Copper recently announced an increase in its dividend to $1.01 per share, up from the previous $0.62, showcasing the company's strong cash flow and commitment to returning value to shareholders.

National Bank of Canada FI cut its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 91.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,918 shares of the basic materials company's stock after selling 41,638 shares during the period. National Bank of Canada FI's holdings in Southern Copper were worth $366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Generali Investments CEE investicni spolecnost a.s. grew its position in shares of 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 valued at $1,409,000 after purchasing an additional 108 shares in the last quarter. Balefire LLC boosted its stake in Southern Copper by 3.0% during the first quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock worth $447,000 after buying an additional 141 shares during the last quarter. HB Wealth Management LLC grew its holdings in Southern Copper by 6.4% in the 1st quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock valued at $222,000 after buying an additional 142 shares in the last quarter. Centerstone Investors LLC grew its holdings in Southern Copper by 0.6% in the 4th quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock valued at $2,136,000 after buying an additional 143 shares in the last quarter. Finally, Sava Infond d.o.o. increased its stake in shares of Southern Copper by 0.7% in the 1st quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after acquiring an additional 144 shares during the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director directly owned 2,327 shares in the company, valued at $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.07% of the stock is currently owned by insiders.

Southern Copper Price Performance

Shares of SCCO opened at $95.89 on Friday. The firm has a 50-day simple moving average of $98.12 and a two-hundred day simple moving average of $93.88. The stock has a market cap of $77.10 billion, a PE ratio of 20.98, a P/E/G ratio of 1.39 and a beta of 1.00. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $121.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51.

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 given a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Southern Copper's previous -- dividend of $0.62. This represents a yield of 270.0%. Southern Copper's dividend payout ratio is presently 70.02%.

Analyst Upgrades and Downgrades

SCCO has been the topic of several recent research reports. Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Morgan Stanley reissued an "underweight" rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective on the stock. in a report on Tuesday, July 1st. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $91.00.

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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