Southern Copper Corporation (NYSE:SCCO) Shares Sold by AGF Management Ltd.

Key Points

• AGF Management Ltd. reduced its stake in Southern Copper Corporation (SCCO) by 3.1% in Q1, holding 135,706 shares valued at $12.68 million after selling 4,351 shares.
• Southern Copper declared a new dividend of $1.01 per share, significantly increasing from the previous $0.62, resulting in a 270% dividend yield with a payout ratio of 61.27%.
• After recent analyst downgrades, the stock has an average rating of "Hold", with a consensus target price of $91.00.

AGF Management Ltd. cut its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 135,706 shares of the basic materials company's stock after selling 4,351 shares during the quarter. AGF Management Ltd.'s holdings in Southern Copper were worth $12,683,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SCCO. Public Sector Pension Investment Board raised its stake in shares of Southern Copper by 0.7% during the 1st quarter. Public Sector Pension Investment Board now owns 74,253 shares of the basic materials company's stock worth $6,940,000 after buying an additional 537 shares during the period. SouthState Corp raised its stake in shares of Southern Copper by 573,000.0% during the 1st quarter. SouthState Corp now owns 5,731 shares of the basic materials company's stock worth $536,000 after buying an additional 5,730 shares during the period. CCM Investment Group LLC acquired a new position in shares of Southern Copper during the 1st quarter worth approximately $492,000. Nuveen LLC acquired a new position in shares of Southern Copper during the 1st quarter worth approximately $34,086,000. Finally, Strengthening Families & Communities LLC raised its stake in shares of Southern Copper by 5.7% during the 1st quarter. Strengthening Families & Communities LLC now owns 28,079 shares of the basic materials company's stock worth $2,641,000 after buying an additional 1,519 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Stock Down 3.9%

Shares of SCCO opened at $96.17 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a one year low of $74.84 and a one year high of $121.44. The stock has a market capitalization of $77.32 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 1.44 and a beta of 1.00. The stock has a 50 day moving average price of $97.85 and a 200 day moving average price of $93.73.

Southern Copper Increases Dividend

The company also recently declared 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 dividend yield of 270.0%. Southern Copper's dividend payout ratio (DPR) is presently 61.27%.

Analyst Ratings Changes

SCCO has been the subject of several research analyst reports. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. reduced their target price on Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. UBS Group downgraded Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price for the company. in a research note on Tuesday, July 1st. Morgan Stanley reaffirmed an "underweight" rating and set a $99.00 target price (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $91.00.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $97.50, for a total transaction of $39,000.00. Following the completion of the sale, the director directly owned 2,741 shares in the company, valued at approximately $267,247.50. The trade was a 12.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.07% of the company's stock.

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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