Capital Fund Management S.A. Sells 43,966 Shares of Southern Copper Corporation $SCCO

Key Points

• Capital Fund Management S.A. significantly reduced its stake in Southern Copper Corporation by 55.7%, selling 43,966 shares and now owning 34,968 shares valued at approximately $3.27 million.
• Southern Copper recently announced a dividend of $1.01 per share, marking an increase from its previous dividend of $0.62, with a dividend yield of 270.0%.
• Various analysts have updated their ratings, with Itau BBA Securities upgrading Southern Copper to "market perform," while UBS Group and others downgraded their outlooks, with new price targets ranging from $79.00 to $105.00.

Capital Fund Management S.A. decreased its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 55.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 34,968 shares of the basic materials company's stock after selling 43,966 shares during the period. Capital Fund Management S.A.'s holdings in Southern Copper were worth $3,268,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Southern Copper by 0.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,700,844 shares of the basic materials company's stock valued at $337,260,000 after buying an additional 15,037 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Southern Copper by 26.3% in the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company's stock valued at $145,039,000 after buying an additional 322,935 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Southern Copper by 10.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,354,637 shares of the basic materials company's stock valued at $123,448,000 after buying an additional 130,710 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Southern Copper by 6.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,280,286 shares of the basic materials company's stock valued at $116,672,000 after buying an additional 78,769 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Southern Copper by 44.9% in the 4th quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock valued at $104,484,000 after buying an additional 355,013 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.07% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have 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 target on the stock. in a research report on Tuesday, July 1st. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. cut their target price on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Morgan Stanley reiterated an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Finally, Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $91.00.

Southern Copper Stock Performance

Southern Copper stock traded up $0.16 during trading hours on Thursday, hitting $96.37. The company had a trading volume of 616,042 shares, compared to its average volume of 1,409,870. The firm has a market cap of $77.49 billion, a PE ratio of 21.09, a PEG ratio of 1.43 and a beta of 1.00. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. Southern Copper Corporation has a one year low of $74.84 and a one year high of $121.44. The firm has a 50-day moving average of $98.08 and a 200 day moving average of $94.01.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.01 per share. This is a boost from Southern Copper's previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, August 15th. Southern Copper's payout ratio is 70.02%.

Southern Copper Company 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.