Ramirez Asset Management Inc. Trims Stake in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Ramirez Asset Management Inc. has decreased its stake in Southern Copper Corporation by 8.9%, resulting in holdings valued at approximately $3.73 million.
• Several institutional investors, including Capital World Investors and UBS Group, have adjusted their stakes in Southern Copper, reflecting ongoing interest in the company.
• Southern Copper recently announced an increase in its dividend from $0.62 to $1.01 per share, representing a yield of 2.7% and a payout ratio of 70.02%.

Ramirez Asset Management Inc. lessened its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 8.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,261 shares of the basic materials company's stock after selling 3,926 shares during the quarter. Ramirez Asset Management Inc.'s holdings in Southern Copper were worth $3,731,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SCCO. American Century Companies Inc. increased its stake in shares of Southern Copper by 6.8% in the fourth quarter. American Century Companies Inc. now owns 56,279 shares of the basic materials company's stock valued at $5,129,000 after buying an additional 3,559 shares during the period. LPL Financial LLC increased its stake in shares of Southern Copper by 7.9% in the fourth quarter. LPL Financial LLC now owns 135,849 shares of the basic materials company's stock valued at $12,380,000 after buying an additional 9,966 shares during the period. Vanguard Group Inc. boosted its position in shares of Southern Copper by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 972,657 shares of the basic materials company's stock valued at $88,638,000 after purchasing an additional 18,426 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Southern Copper by 0.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,215 shares of the basic materials company's stock valued at $7,013,000 after purchasing an additional 469 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Southern Copper during the 4th quarter valued at about $52,738,000. 7.94% of the stock is currently owned by institutional investors.

Southern Copper Stock Performance

Shares of NYSE SCCO traded down $2.59 during mid-day trading on Friday, hitting $91.57. The company had a trading volume of 798,296 shares, compared to its average volume of 1,461,872. The company has a market capitalization of $72.90 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 1.30 and a beta of 1.02. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $121.44. The company has a current ratio of 3.71, a quick ratio of 3.22 and a debt-to-equity ratio of 0.70. The stock's 50-day moving average price is $97.40 and its 200-day moving average price is $93.86.

Southern Copper Increases Dividend

The firm also recently announced a -- dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be given a dividend of $1.01 per share. The ex-dividend date is Friday, August 15th. This is a positive change from Southern Copper's previous -- dividend of $0.62. This represents a yield of 270.0%. Southern Copper's dividend payout ratio (DPR) is presently 70.02%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SCCO shares. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. UBS Group lowered Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price on the stock. in a research report on Tuesday, July 1st. 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 research report on Tuesday, July 15th. Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $91.00.

Southern Copper 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.