Norden Group LLC Has $760,000 Position in Southern Copper Corporation $SCCO

Key Points

• Norden Group LLC increased its holdings in Southern Copper Corporation by 49.0% in Q2, acquiring an additional 2,470 shares, bringing its total investment to $760,000.
• Southern Copper recently raised its quarterly dividend from $0.62 to $1.01 per share, resulting in an annualized yield of 3.4%.
• Analysts have mixed ratings for Southern Copper, with a consensus rating of "Reduce" and an average price target of $93.67, despite several target price upgrades from various firms.

Norden Group LLC grew its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 49.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,510 shares of the basic materials company's stock after acquiring an additional 2,470 shares during the period. Norden Group LLC's holdings in Southern Copper were worth $760,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SCCO. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Southern Copper during the 4th quarter worth about $1,691,000. California State Teachers Retirement System grew its holdings in Southern Copper by 97.9% during the 4th quarter. California State Teachers Retirement System now owns 188,512 shares of the basic materials company's stock worth $17,179,000 after acquiring an additional 93,261 shares during the period. Confluence Investment Management LLC grew its holdings in Southern Copper by 3.2% during the 1st quarter. Confluence Investment Management LLC now owns 5,961 shares of the basic materials company's stock worth $557,000 after acquiring an additional 183 shares during the period. GAMMA Investing LLC grew its holdings in Southern Copper by 12,538.1% during the 1st quarter. GAMMA Investing LLC now owns 84,675 shares of the basic materials company's stock worth $7,914,000 after acquiring an additional 84,005 shares during the period. Finally, GoalVest Advisory LLC grew its holdings in Southern Copper by 8.5% during the 1st quarter. GoalVest Advisory LLC now owns 18,045 shares of the basic materials company's stock worth $1,686,000 after acquiring an additional 1,417 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SCCO shares. UBS Group reaffirmed a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their target price on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. Finally, The Goldman Sachs Group set a $89.00 target price on Southern Copper and gave the company a "sell" rating in a research report on Wednesday, September 17th. Four research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Southern Copper presently has a consensus rating of "Reduce" and an average price target of $93.67.

Southern Copper Price Performance

SCCO stock opened at $117.93 on Friday. The company has a market capitalization of $94.82 billion, a P/E ratio of 25.80, a price-to-earnings-growth ratio of 1.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.49. The business has a 50-day simple moving average of $100.10 and a two-hundred day simple moving average of $95.79.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were paid a dividend of $1.01 per share. This is an increase from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. This represents a $4.04 dividend on an annualized basis and a yield of 3.4%. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 1,228 shares of company stock worth $123,102. 0.07% of the stock is currently 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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