Bayforest Capital Ltd Buys 5,279 Shares of Southern Copper Corporation $SCCO

Key Points

• Bayforest Capital Ltd increased its stake in Southern Copper Corporation by 669.1%, owning 6,068 shares valued at approximately $567,000 after acquiring an additional 5,279 shares in the first quarter.
• Southern Copper recently declared a quarterly dividend of $1.01, an increase from the previous dividend of $0.62, resulting in an annualized yield of 4.0%.
• Stock analysts have varied opinions on Southern Copper, with ratings ranging from "underweight" by Morgan Stanley with a target price of $99.00 to a "neutral" rating by JPMorgan Chase with a target of $92.00.

Bayforest Capital Ltd lifted its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 669.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,068 shares of the basic materials company's stock after acquiring an additional 5,279 shares during the quarter. Bayforest Capital Ltd's holdings in Southern Copper were worth $567,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Cullen Frost Bankers Inc. boosted its holdings in shares of Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after acquiring an additional 147 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in Southern Copper during the 1st quarter worth $29,000. N.E.W. Advisory Services LLC acquired a new position in Southern Copper during the 1st quarter worth $34,000. Quarry LP acquired a new position in Southern Copper during the 1st quarter worth $41,000. Finally, Twin Tree Management LP lifted its holdings in Southern Copper by 583.5% during the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company's stock worth $58,000 after buying an additional 531 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SCCO shares. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price for the company. in a report on Tuesday, July 1st. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Finally, Morgan Stanley restated an "underweight" rating and set a $99.00 price objective (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $93.60.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the sale, the director directly owned 2,327 shares of the company's stock, valued at approximately $232,700. This represents a 15.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 1,228 shares of company stock valued at $123,102. Corporate insiders own 0.07% of the company's stock.

Southern Copper Stock Up 3.0%

Shares of NYSE SCCO traded up $3.14 during trading on Monday, hitting $109.32. 971,381 shares of the company traded hands, compared to its average volume of 1,402,155. The business's fifty day moving average is $98.12 and its 200 day moving average is $94.47. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The firm has a market capitalization of $87.90 billion, a price-to-earnings ratio of 23.97, a P/E/G ratio of 1.57 and a beta of 0.99. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were issued a $1.01 dividend. The ex-dividend date was Friday, August 15th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's dividend payout ratio (DPR) is currently 70.02%.

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.