Nordea Investment Management AB Acquires 8,531 Shares of Southern Copper Corporation $SCCO

Key Points

• Nordea Investment Management AB increased its holdings in Southern Copper Corporation by 6.5%, acquiring an additional 8,531 shares, bringing its total to 140,489 shares valued at $14.3 million.
• Southern Copper recently raised its quarterly dividend to $1.01 per share, resulting in an annualized dividend of $4.04 and a yield of 3.1%.
• Analyst ratings for Southern Copper are mixed, with two "buy", seven "hold", and three "sell" ratings, alongside a consensus target price of $110.78.

Nordea Investment Management AB grew its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,489 shares of the basic materials company's stock after purchasing an additional 8,531 shares during the quarter. Nordea Investment Management AB's holdings in Southern Copper were worth $14,326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SCCO. Cullen Frost Bankers Inc. increased its holdings in Southern Copper by 117.6% during the first 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 purchased a new stake in shares of Southern Copper during the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $34,000. Quarry LP bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $41,000. Finally, Hilltop National Bank bought a new position in Southern Copper during the second quarter valued at $53,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SCCO shares. JPMorgan Chase & Co. raised their target price on Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the company a "sell" rating in a research note on Wednesday, September 17th. UBS Group reiterated a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Southern Copper in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company upgraded shares of Southern Copper to a "hold" rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $110.78.

Southern Copper Trading Down 2.6%

Shares of SCCO opened at $129.84 on Monday. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $136.49. The stock has a market cap of $104.40 billion, a PE ratio of 28.41, a P/E/G ratio of 1.25 and a beta of 1.02. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The business's 50-day moving average price is $110.06 and its 200-day moving average price is $99.36.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were issued a $1.01 dividend. This represents a $4.04 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, August 15th. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is 70.02%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction 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 transaction, the director owned 2,327 shares of the company's stock, valued at approximately $232,700. This represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 1,228 shares of company stock worth $123,102. 0.07% of the stock is owned by insiders.

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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