Southern Copper Corporation (NYSE:SCCO) Shares Purchased by SouthState Corp

Key Points

• SouthState Corp significantly increased its stake in Southern Copper Corporation by acquiring an additional 5,730 shares, resulting in a total holding of 5,731 shares valued at approximately $536,000.
• Southern Copper announced a dividend increase to $1.01 per share, scheduled for payment on September 4th, representing a yield boost from the previous dividend of $0.62.
• Despite its growth, Southern Copper's stock faced mixed analyst ratings, with some firms downgrading their ratings while others adjusted price targets, leading to an average recommendation of "Hold."

SouthState Corp increased its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 573,000.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,731 shares of the basic materials company's stock after acquiring an additional 5,730 shares during the quarter. SouthState Corp's holdings in Southern Copper were worth $536,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new position in Southern Copper in the 1st quarter valued at about $2,637,000. Golden State Wealth Management LLC acquired a new position in Southern Copper in the 1st quarter valued at about $29,000. Oppenheimer & Co. Inc. acquired a new position in Southern Copper in the 1st quarter valued at about $337,000. GAMMA Investing LLC raised its stake in shares of Southern Copper by 35.2% in the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 236 shares during the period. Finally, Novem Group raised its stake in shares of Southern Copper by 34.4% in the 1st quarter. Novem Group now owns 10,758 shares of the basic materials company's stock valued at $1,005,000 after acquiring an additional 2,754 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 400 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $97.50, for a total value of $39,000.00. Following the sale, the director directly owned 2,741 shares of the company's stock, valued at approximately $267,247.50. This represents a 12.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.07% of the company's stock.

Southern Copper Price Performance

Shares of SCCO opened at $96.17 on Tuesday. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The firm's 50 day moving average price is $97.85 and its 200 day moving average price is $93.73. The company has a market cap of $77.32 billion, a P/E ratio of 21.04, a PEG ratio of 1.44 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.

Southern Copper Increases Dividend

The company also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be given a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 270.0%. This is a boost from Southern Copper's previous -- dividend of $0.62. Southern Copper's payout ratio is currently 61.27%.

Analyst Ratings Changes

SCCO has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. reduced their price target 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. 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. Morgan Stanley reissued an "underweight" rating and issued a $99.00 price target (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Itau BBA Securities raised shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, Southern Copper has an average 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.

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