Northern Trust Corp Has $101.65 Million Holdings in Southern Copper Corporation $SCCO

Key Points

• Northern Trust Corp reduced its stake in Southern Copper Corporation by 5.1% in Q1, holding approximately $101.65 million in shares at the end of the reporting period.
• Several institutional investors, including Price T Rowe Associates and JPMorgan Chase & Co., have increased their positions in Southern Copper, indicating growing interest among hedge funds.
• Southern Copper announced an increase in its dividend to $1.01 per share, up from the previous $0.62, with a yield of 270.0% based on the latest announcements.

Northern Trust Corp lessened its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 5.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,087,607 shares of the basic materials company's stock after selling 58,930 shares during the period. Northern Trust Corp owned about 0.14% of Southern Copper worth $101,648,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Southern Copper by 0.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,700,844 shares of the basic materials company's stock worth $337,260,000 after buying an additional 15,037 shares during the period. JPMorgan Chase & Co. boosted its position in Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock worth $145,039,000 after acquiring an additional 322,935 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Southern Copper by 10.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,354,637 shares of the basic materials company's stock worth $123,448,000 after acquiring an additional 130,710 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Southern Copper by 6.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,280,286 shares of the basic materials company's stock worth $116,672,000 after acquiring an additional 78,769 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in shares of Southern Copper by 26.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,028,848 shares of the basic materials company's stock valued at $93,759,000 after purchasing an additional 217,546 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction that occurred 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 completion of the transaction, the director directly owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.07% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SCCO. Morgan Stanley restated an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. 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. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a report on Tuesday, July 1st. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. decreased their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $91.00.

Southern Copper Stock Up 4.0%

Southern Copper stock opened at $97.4490 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. The company's 50-day moving average is $98.00 and its 200-day moving average is $93.98. The firm has a market capitalization of $78.36 billion, a PE ratio of 21.32, a P/E/G ratio of 1.43 and a beta of 1.00. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44.

Southern Copper Increases Dividend

The firm also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be paid a $1.01 dividend. This is a positive change from Southern Copper's previous -- dividend of $0.62. This represents a yield of 270.0%. The ex-dividend date is Friday, August 15th. Southern Copper's dividend payout ratio is currently 70.02%.

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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