Ramirez Asset Management Inc. Increases Stock Holdings in Southern Copper Corporation $SCCO

Key Points

• Ramirez Asset Management Inc. increased its stake in Southern Copper Corporation (NYSE:SCCO) by 12.6%, owning 45,318 shares valued at approximately $4.58 million after buying an additional 5,057 shares in the second quarter.
• Southern Copper recently raised its quarterly dividend to $1.01 per share, representing an annualized dividend of $4.04 and a dividend yield of 3.1%, up from the previous dividend of $0.62.
• Several hedge funds, including JPMorgan Chase & Co. and MIRAE ASSET GLOBAL ETFS HOLDINGS, have also significantly increased their positions in Southern Copper, indicating growing institutional interest in the stock.

Ramirez Asset Management Inc. lifted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 12.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,318 shares of the basic materials company's stock after buying an additional 5,057 shares during the period. Ramirez Asset Management Inc.'s holdings in Southern Copper were worth $4,585,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock worth $145,039,000 after purchasing an additional 322,935 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Southern Copper by 3.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company's stock worth $130,718,000 after purchasing an additional 44,014 shares during the last quarter. Driehaus Capital Management LLC boosted its position in Southern Copper by 2.9% in the first quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company's stock worth $98,982,000 after purchasing an additional 30,232 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Southern Copper by 5.3% in the first quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company's stock worth $85,595,000 after purchasing an additional 45,691 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its position in Southern Copper by 17.0% in the first quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company's stock worth $84,509,000 after purchasing an additional 131,156 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $130.59 on Friday. 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 firm has a market capitalization of $105.00 billion, a PE ratio of 28.58, a P/E/G ratio of 1.35 and a beta of 1.02. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $136.50. The company has a 50-day moving average price of $105.82 and a two-hundred day moving average price of $97.80.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, August 15th. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's dividend payout ratio is presently 70.02%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction 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 sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 1,228 shares of company stock worth $123,102. Insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SCCO shares. The Goldman Sachs Group set a $89.00 price objective on Southern Copper and gave the stock a "sell" rating in a research report on Wednesday, September 17th. Morgan Stanley set a $132.00 price objective on Southern Copper and gave the stock an "equal weight" rating in a research report on Wednesday. Wells Fargo & Company set a $121.00 price objective on Southern Copper and gave the stock an "equal weight" rating in a research report on Tuesday. Citigroup restated a "sell" rating and issued a $108.00 target price (up from $89.10) on shares of Southern Copper in a research note on Wednesday. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Southern Copper in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Southern Copper currently has an average rating of "Reduce" and a consensus price target of $109.88.

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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