RWC Asset Advisors US LLC Cuts Stock Position in Southern Copper Corporation (NYSE:SCCO)

Key Points

• RWC Asset Advisors US LLC reduced its stake in Southern Copper Corporation by 19.4%, holding 258,276 shares valued at approximately $24.14 million.
• Southern Copper recently increased its dividend to $1.01 per share, representing a dividend yield of 2.7%, up from the previous $0.62.
• Wall Street analysts have mixed views on Southern Copper, with ratings ranging from sell to hold, and an average target price of $91.00.

RWC Asset Advisors US LLC cut its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 258,276 shares of the basic materials company's stock after selling 62,205 shares during the quarter. Southern Copper makes up approximately 4.4% of RWC Asset Advisors US LLC's portfolio, making the stock its 8th largest holding. RWC Asset Advisors US LLC's holdings in Southern Copper were worth $24,138,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SCCO. Cullen Frost Bankers Inc. lifted its holdings in shares of Southern Copper by 117.6% in the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after buying an additional 147 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Southern Copper in the first quarter worth about $29,000. IFP Advisors Inc lifted its holdings in shares of Southern Copper by 53.7% in the first quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after buying an additional 256 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Southern Copper in the fourth quarter worth about $84,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after buying an additional 236 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Price Performance

Shares of SCCO stock traded down $0.48 during trading hours on Tuesday, hitting $96.64. 1,844,662 shares of the company's stock were exchanged, compared to its average volume of 1,431,593. The company has a market capitalization of $76.94 billion, a PE ratio of 21.15, a PEG ratio of 2.52 and a beta of 1.02. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44. The business's 50 day simple moving average is $97.23 and its 200-day simple moving average is $93.86. The company has a current ratio of 3.71, a quick ratio of 3.22 and a debt-to-equity ratio of 0.70.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Friday, April 25th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.14. Southern Copper had a net margin of 30.00% and a return on equity of 39.39%. The firm had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.05 billion. On average, equities research analysts anticipate that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The company also recently announced a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be issued a $1.01 dividend. This is a boost from Southern Copper's previous -- dividend of $0.62. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 2.7%. Southern Copper's dividend payout ratio (DPR) is currently 70.02%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SCCO shares. Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. UBS Group downgraded shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price on the stock. in a research note on Tuesday, July 1st. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target 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.