Southern Copper Corporation $SCCO Shares Sold by Amundi

Key Points

• Amundi reduced its holdings in Southern Copper Corporation by 9.0% during the first quarter, owning a total of 158,590 shares worth $13,755,000 after selling 15,623 shares.
• Several institutional investors made changes to their positions in Southern Copper, with the Teacher Retirement System of Texas acquiring a new position worth $2.6 million and GAMMA Investing LLC increasing its stake by 35.2%.
• Southern Copper announced a quarterly dividend increase to $1.01 per share, marking a rise from the previous $0.62, and representing an annualized yield of 4.0%.

Amundi lowered its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 9.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 158,590 shares of the basic materials company's stock after selling 15,623 shares during the period. Amundi's holdings in Southern Copper were worth $13,755,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Perbak Capital Partners LLP purchased a new position in Southern Copper in the first quarter valued at about $355,000. Dark Forest Capital Management LP purchased a new position in Southern Copper in the first quarter valued at about $8,831,000. PDT Partners LLC boosted its holdings in Southern Copper by 131.3% in the first quarter. PDT Partners LLC now owns 92,090 shares of the basic materials company's stock valued at $8,607,000 after purchasing an additional 52,281 shares during the last quarter. Royal Bank of Canada boosted its holdings in Southern Copper by 42.1% in the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company's stock valued at $4,194,000 after purchasing an additional 13,293 shares during the last quarter. Finally, MAI Capital Management boosted its holdings in Southern Copper by 34.0% in the first quarter. MAI Capital Management now owns 5,836 shares of the basic materials company's stock valued at $545,000 after purchasing an additional 1,480 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the sale, the director directly owned 2,327 shares in the company, valued at $232,700. This trade represents a 15.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 1,228 shares of company stock worth $123,102. 0.07% of the stock is currently owned by corporate insiders.

Southern Copper Stock Performance

Shares of Southern Copper stock traded up $1.17 on Friday, reaching $106.22. 1,606,398 shares of the company were exchanged, compared to its average volume of 1,014,718. 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's 50-day moving average is $98.11 and its two-hundred day moving average is $94.34. The firm has a market cap of $85.41 billion, a price-to-earnings ratio of 23.24, a P/E/G ratio of 1.55 and a beta of 0.99. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $121.44.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, August 15th. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is currently 70.02%.

Wall Street Analyst Weigh In

SCCO has been the subject of a number of analyst reports. Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. 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. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. increased their target price on Southern Copper from $79.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, September 3rd. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Four research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target 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.