Nuveen LLC Takes $34.09 Million Position in Southern Copper Corporation $SCCO

Key Points

• Nuveen LLC has invested approximately $34.09 million in Southern Copper Corporation by acquiring 364,712 shares of stock in the first quarter.
• Several analysts have recently revised their ratings on Southern Copper, with an average rating of "Hold" and a consensus target price of $91.00.
• Southern Copper has announced an upcoming dividend of $1.01 per share, which represents an increase from its previous dividend of $0.62.

Nuveen LLC acquired a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 364,712 shares of the basic materials company's stock, valued at approximately $34,086,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital World Investors raised its holdings in Southern Copper by 0.6% in the fourth quarter. Capital World Investors now owns 4,232,245 shares of the basic materials company's stock worth $385,684,000 after purchasing an additional 24,787 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 valued at $337,260,000 after acquiring an additional 15,037 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Southern Copper by 26.3% during the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after acquiring an additional 322,935 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Southern Copper by 10.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,354,637 shares of the basic materials company's stock valued at $123,448,000 after acquiring an additional 130,710 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Southern Copper by 6.6% during the fourth 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 valued at $116,672,000 after acquiring an additional 78,769 shares in the last quarter. Institutional investors own 7.94% of the company's stock.

Insider Buying and Selling at Southern Copper

In other 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 transaction, the director directly owned 2,327 shares of the company's stock, valued at $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.07% of the stock is currently owned by insiders.

Southern Copper Stock Performance

NYSE:SCCO traded up $0.2210 on Thursday, hitting $93.9210. The stock had a trading volume of 382,911 shares, compared to its average volume of 1,426,018. The stock has a market cap of $75.52 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 1.38 and a beta of 1.00. 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 simple moving average is $97.98 and its two-hundred day simple moving average is $93.92. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44.

Southern Copper Increases Dividend

The business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be given a dividend of $1.01 per share. This represents a dividend yield of 270.0%. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from Southern Copper's previous -- dividend of $0.62. Southern Copper's payout ratio is presently 70.02%.

Wall Street Analyst Weigh In

SCCO has been the subject of several analyst reports. Morgan Stanley restated an "underweight" rating and set a $99.00 price target (up from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. UBS Group downgraded Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target for the company. in a report on Tuesday, July 1st. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 24th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper presently has an average rating of "Reduce" and an average price target of $91.00.

About Southern Copper

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.