Southern Copper Corporation $SCCO Holdings Raised by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its stake in Southern Copper by 20.8% in the first quarter, buying 31,156 additional shares and bringing its total position to 180,931 shares worth about $31.1 million.
• Southern Copper announced a 1.012-for-1 stock split effective before the market opens on August 11, and it also raised its quarterly dividend to $1.10 per share from $1.00, implying a 2.3% annualized yield.
• Wall Street sentiment remains cautious: the stock carries a consensus rating of “Reduce” with a target price of $148.10, even as some analysts have recently lifted price targets.

Hsbc Holdings PLC increased its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 20.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,931 shares of the basic materials company's stock after purchasing an additional 31,156 shares during the quarter. Hsbc Holdings PLC's holdings in Southern Copper were worth $31,079,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Intech Investment Management LLC raised its position in shares of Southern Copper by 0.8% during the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company's stock worth $865,000 after buying an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Southern Copper by 0.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company's stock valued at $871,000 after acquiring an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC boosted its holdings in shares of Southern Copper by 1.8% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company's stock valued at $417,000 after acquiring an additional 52 shares in the last quarter. Ensign Peak Advisors Inc increased its stake in shares of Southern Copper by 0.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company's stock valued at $915,000 after acquiring an additional 53 shares during the period. Finally, Venture Visionary Partners LLC increased its stake in shares of Southern Copper by 0.8% during the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company's stock valued at $1,004,000 after acquiring an additional 53 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Stock Performance

Shares of SCCO opened at $187.92 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The firm's 50 day moving average is $180.76 and its 200-day moving average is $182.80. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The stock has a market capitalization of $155.24 billion, a P/E ratio of 31.06, a P/E/G ratio of 1.50 and a beta of 1.11.

Shares of Southern Copper are scheduled to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.3%. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. Southern Copper's dividend payout ratio (DPR) is presently 72.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings cut Southern Copper from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, July 8th. JPMorgan Chase & Co. increased their price target on Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a research note on Wednesday, June 17th. Scotiabank reiterated an "underperform" rating and set a $140.00 price target (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Wells Fargo & Company boosted their price objective on Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Finally, Morgan Stanley upped their price objective on Southern Copper from $146.00 to $158.00 and gave the company an "underweight" rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and seven have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $148.10.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director owned 1,807 shares of the company's stock, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 404 shares of company stock valued at $74,108 in the last quarter. Insiders own 0.07% of the company's stock.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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