TT International Asset Management LTD Makes New $1.37 Million Investment in Southern Copper Corporation $SCCO

Key Points

• TT International Asset Management LTD has acquired 13,537 shares of Southern Copper Corporation, valued at approximately $1.37 million, in the second quarter.
• Southern Copper recently increased its quarterly dividend to $1.01 per share, a rise from $0.62, reflecting an annualized dividend yield of 3.8%.
• Analyst ratings for Southern Copper show mixed reviews, with UBS lowering its rating to neutral and Morgan Stanley maintaining an underweight rating.

TT International Asset Management LTD purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 13,537 shares of the basic materials company's stock, valued at approximately $1,370,000.

A number of other large investors also recently bought and sold shares of the stock. Generali Investments CEE investicni spolecnost a.s. raised its stake in Southern Copper by 0.7% during the first quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock worth $1,409,000 after purchasing an additional 108 shares during the period. American Financial Advisors LLC raised its stake in shares of Southern Copper by 1.1% in the 2nd quarter. American Financial Advisors LLC now owns 10,422 shares of the basic materials company's stock valued at $1,054,000 after acquiring an additional 112 shares during the period. Zurich Insurance Group Ltd FI raised its stake in shares of Southern Copper by 0.7% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 17,331 shares of the basic materials company's stock valued at $1,620,000 after acquiring an additional 125 shares during the period. Balefire LLC raised its stake in shares of Southern Copper by 3.0% in the 1st quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock valued at $447,000 after acquiring an additional 141 shares during the period. Finally, HB Wealth Management LLC raised its stake in shares of Southern Copper by 6.4% in the 1st quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company's stock valued at $222,000 after acquiring an additional 142 shares during the period. Hedge funds and other institutional investors own 7.94% of the company's stock.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of research reports. 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. JPMorgan Chase & Co. raised their target price on shares of Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, September 3rd. Morgan Stanley reissued an "underweight" rating and issued a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. UBS Group reissued a "buy" rating on shares of Southern Copper in a research note on Friday. Finally, The Goldman Sachs Group set a $89.00 target price on shares of Southern Copper and gave the company a "sell" rating in a research note on Wednesday, September 17th. Four investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $93.67.

Southern Copper Stock Up 1.4%

Southern Copper stock traded up $1.53 during midday trading on Monday, hitting $111.52. 1,466,121 shares of the stock were exchanged, compared to its average volume of 1,273,643. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $121.44. The firm has a market cap of $89.67 billion, a P/E ratio of 24.40, a P/E/G ratio of 1.62 and a beta of 0.99. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. The company has a 50 day moving average price of $98.97 and a two-hundred day moving average price of $95.31.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a dividend of $1.01 per share. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 15th. This represents a $4.04 annualized dividend and a yield of 3.6%. Southern Copper's payout ratio is presently 70.02%.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction 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 sale, the director owned 2,327 shares of the company's stock, valued at $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 1,228 shares of company stock worth $123,102. Insiders own 0.07% of the company's stock.

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.