MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Position in Southern Copper Corporation $SCCO

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Southern Copper Corporation by 3.2%, owning approximately 1,398,651 shares worth $130.7 million as of its latest SEC filing.
• Southern Copper declared a quarterly dividend of $1.01 per share, an increase from the previous dividend of $0.62, representing an annualized yield of 4.0%.
• Analysts show a mixed outlook for Southern Copper, with ratings ranging from buy to sell, and an average price target of $93.60, reflecting varied sentiments in the market.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,398,651 shares of the basic materials company's stock after buying an additional 44,014 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.18% of Southern Copper worth $130,718,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCCO. AQR Capital Management LLC grew its stake in shares of Southern Copper by 1.2% during the 4th quarter. AQR Capital Management LLC now owns 80,561 shares of the basic materials company's stock worth $7,341,000 after purchasing an additional 959 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in shares of Southern Copper by 19.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 22,829 shares of the basic materials company's stock worth $2,080,000 after purchasing an additional 3,705 shares during the period. Algert Global LLC acquired a new stake in shares of Southern Copper during the 4th quarter worth approximately $2,055,000. BNP Paribas Financial Markets grew its stake in shares of Southern Copper by 12.7% during the 4th quarter. BNP Paribas Financial Markets now owns 216,969 shares of the basic materials company's stock worth $19,772,000 after purchasing an additional 24,398 shares during the period. Finally, Benjamin Edwards Inc. grew its stake in shares of Southern Copper by 14.8% during the 4th quarter. Benjamin Edwards Inc. now owns 5,860 shares of the basic materials company's stock worth $534,000 after purchasing an additional 757 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm'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 transaction, the director directly owned 2,327 shares of the company's stock, valued at approximately $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 1,028 shares of company stock valued at $102,014 over the last quarter. Company insiders own 0.07% of the company's stock.

Southern Copper Price Performance

Shares of NYSE:SCCO traded up $1.39 during midday trading on Wednesday, hitting $101.30. The company's stock had a trading volume of 389,165 shares, compared to its average volume of 1,402,337. The business's 50 day simple moving average is $98.20 and its 200 day simple moving average is $94.21. 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 cap of $81.45 billion, a P/E ratio of 22.17, a price-to-earnings-growth ratio of 1.47 and a beta of 0.99. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $121.44.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were paid a $1.01 dividend. This is an increase from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper's payout ratio is 70.02%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SCCO shares. UBS Group cut shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective on the stock. in a research note on Tuesday, July 1st. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. increased their target price on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. Finally, Morgan Stanley reiterated an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Four 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 presently has a consensus rating of "Reduce" and a consensus target price of $93.60.

About Southern Copper

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.