Southern Copper Corporation $SCCO Shares Acquired by Bayforest Capital Ltd

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 grew its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 669.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,068 shares of the basic materials company's stock after buying an additional 5,279 shares during the quarter. Bayforest Capital Ltd's holdings in Southern Copper were worth $567,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

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

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 1,028 shares of company stock valued at $102,014. Insiders own 0.07% of the company's stock.

Southern Copper Stock Down 3.3%

Southern Copper stock opened at $99.97 on Wednesday. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $121.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The company has a market capitalization of $80.38 billion, a P/E ratio of 21.88, a PEG ratio of 1.47 and a beta of 0.99. The stock has a 50-day simple moving average of $98.20 and a 200-day simple moving average of $94.21.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were given a $1.01 dividend. This is a boost from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. This represents a $4.04 annualized dividend and a yield of 4.0%. Southern Copper's payout ratio is presently 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.

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