US Bancorp DE Sells 2,075 Shares of Southern Copper Corporation $SCCO

Key Points

• US Bancorp DE has reduced its holdings in Southern Copper Corporation by 3.9%, selling 2,075 shares and now owning 51,352 shares valued at approximately $5.2 million.
• Southern Copper Corporation has recently increased its quarterly dividend from $0.62 to $1.01 per share, representing an annualized dividend of $4.04 and a yield of 3.0%.
• Analysts have mixed ratings on Southern Copper, with two rating it as a buy, six as a hold, and three as a sell, reflecting varying outlooks on its performance and a consensus price target of $109.88.

US Bancorp DE cut its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,352 shares of the basic materials company's stock after selling 2,075 shares during the period. US Bancorp DE's holdings in Southern Copper were worth $5,195,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its holdings in Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after buying an additional 147 shares during the period. Golden State Wealth Management LLC purchased a new stake in Southern Copper in the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new position in Southern Copper in the 1st quarter valued at $34,000. Quarry LP purchased a new position in shares of Southern Copper during the 1st quarter valued at $41,000. Finally, Hilltop National Bank purchased a new position in shares of Southern Copper during the 2nd quarter valued at $53,000. 7.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SCCO has been the subject of a number of recent analyst reports. UBS Group restated a "buy" rating on shares of Southern Copper in a research report on Friday, September 19th. Citigroup restated a "sell" rating and set a $108.00 price target (up from $89.10) on shares of Southern Copper in a research report on Wednesday, October 8th. Wells Fargo & Company upgraded shares of Southern Copper to a "hold" rating in a research report on Wednesday, October 8th. Weiss Ratings restated a "buy (b-)" rating on shares of Southern Copper in a research report on Wednesday, October 8th. Finally, Morgan Stanley set a $132.00 price target on shares of Southern Copper and gave the company an "equal weight" rating in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $109.88.

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 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 in the company, valued at approximately $232,700. This trade represents a 15.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 1,228 shares of company stock worth $123,102. Company insiders own 0.07% of the company's stock.

Southern Copper Stock Performance

Southern Copper stock opened at $133.18 on Tuesday. The firm's fifty day moving average price is $107.29 and its 200-day moving average price is $98.25. 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 stock has a market cap of $107.08 billion, a P/E ratio of 29.14, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $136.49.

Southern Copper Increases Dividend

The business also recently disclosed 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 is an increase from Southern Copper's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. This represents a $4.04 annualized dividend and a dividend yield of 3.0%. Southern Copper's dividend 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.

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