Public Employees Retirement System of Ohio Sells 3,894 Shares of Southern Copper Corporation $SCCO

Key Points

• Public Employees Retirement System of Ohio sold 3,894 shares of Southern Copper Corporation ($SCCO), reducing its stake by 9.2% and leaving it with 38,655 shares valued at approximately $3.91 million.
• Southern Copper recently increased its quarterly dividend from $0.62 to $1.01, resulting in an annualized dividend of $4.04, which represents a yield of 3.3%.
• Wall Street analysts are mixed on Southern Copper's stock, with price targets ranging from $79.00 to $99.00, and an overall average rating of "Reduce" based on recent reports.

Public Employees Retirement System of Ohio lessened its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 9.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,655 shares of the basic materials company's stock after selling 3,894 shares during the period. Public Employees Retirement System of Ohio's holdings in Southern Copper were worth $3,911,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its position in shares of Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after purchasing an additional 147 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Southern Copper in the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Southern Copper in the 1st quarter worth approximately $34,000. Quarry LP purchased a new stake in shares of Southern Copper in the 1st quarter worth approximately $41,000. Finally, Twin Tree Management LP lifted its position in shares of Southern Copper by 583.5% in the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock worth $58,000 after purchasing an additional 531 shares during the period. Institutional investors own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several research reports. The Goldman Sachs Group set a $89.00 price target on shares of Southern Copper and gave the stock a "sell" rating in a research report on Wednesday, September 17th. UBS Group reaffirmed a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. JPMorgan Chase & Co. upped their price target on shares of Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 3rd. Finally, 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. 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, the company has an average rating of "Reduce" and an average target price of $93.67.

Southern Copper Stock Up 0.2%

NYSE:SCCO opened at $121.33 on Wednesday. The firm has a market capitalization of $97.56 billion, a P/E ratio of 26.55, a PEG ratio of 1.79 and a beta of 0.99. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $122.65. The company's fifty day moving average price is $101.42 and its 200-day moving average price is $96.40. 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were paid a $1.01 dividend. The ex-dividend date was Friday, August 15th. This is an increase from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.3%. Southern Copper's dividend payout ratio (DPR) is currently 70.02%.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the 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 sale, the director 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 1,228 shares of company stock valued at $123,102 in the last quarter. 0.07% of the stock is owned by corporate insiders.

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.

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