Kestra Advisory Services LLC Reduces Position in Southern Copper Corporation $SCCO

Key Points

• Kestra Advisory Services LLC reduced its stake in Southern Copper Corporation by 32.6%, holding 12,757 shares worth approximately $1.19 million after selling 6,174 shares in the first quarter.
• Southern Copper has increased its quarterly dividend to $1.01, up from $0.62, resulting in an annual yield of 4.2%.
• Institutional investors collectively own 7.94% of Southern Copper's stock, with various firms adjusting their positions during the first quarter.

Kestra Advisory Services LLC trimmed its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 32.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,757 shares of the basic materials company's stock after selling 6,174 shares during the period. Kestra Advisory Services LLC's holdings in Southern Copper were worth $1,192,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in 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 acquiring an additional 322,935 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 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 acquiring an additional 130,710 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 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 acquiring an additional 78,769 shares during the last quarter. Northern Trust Corp increased its holdings in 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 acquiring an additional 355,013 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in Southern Copper by 26.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,028,848 shares of the basic materials company's stock valued at $93,759,000 after acquiring an additional 217,546 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the transaction, the director directly owned 2,327 shares of the company's stock, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.07% of the company's stock.

Southern Copper Price Performance

Shares of NYSE:SCCO traded up $3.66 on Wednesday, reaching $100.91. The company's stock had a trading volume of 1,592,482 shares, compared to its average volume of 1,408,029. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44. The company has a market cap of $81.14 billion, a P/E ratio of 22.08, a PEG ratio of 1.41 and a beta of 0.99. The company has a 50-day simple moving average of $98.18 and a 200 day simple moving average of $94.02. 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 company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be paid a dividend of $1.01 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.0%. This is a boost from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's dividend payout ratio is presently 70.02%.

Wall Street Analysts Forecast Growth

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

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.