USS Investment Management Ltd Reduces Holdings in Southern Copper Corporation $SCCO

Key Points

• USS Investment Management Ltd cut its stake in Southern Copper by 50.2% in the first quarter, selling 151,559 shares and leaving it with 150,096 shares valued at about $25.8 million.
• Insider activity was also negative: Director Bonilla Luis Miguel Palomino sold 200 shares, and insiders have sold 404 shares over the last three months. Corporate insiders now own just 0.07% of the company.
• Southern Copper recently paid a $1.00 quarterly dividend and has an annualized yield of about 2.3%, while analysts remain cautious overall with a consensus rating of "Reduce" and an average price target of $147.19.

USS Investment Management Ltd reduced its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 50.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,096 shares of the basic materials company's stock after selling 151,559 shares during the period. USS Investment Management Ltd's holdings in Southern Copper were worth $25,821,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SCCO. Intech Investment Management LLC increased its position in Southern Copper by 0.8% during the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company's stock worth $865,000 after buying an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Southern Copper by 0.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company's stock valued at $871,000 after acquiring an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC boosted its stake in shares of Southern Copper by 1.8% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company's stock valued at $417,000 after acquiring an additional 52 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in shares of Southern Copper by 0.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company's stock valued at $915,000 after acquiring an additional 53 shares during the last quarter. Finally, Venture Visionary Partners LLC increased its position in Southern Copper by 0.8% during the 4th quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company's stock worth $1,004,000 after purchasing an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the transaction, the director directly owned 1,807 shares in the company, valued at $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 404 shares of company stock worth $74,108. Corporate insiders own 0.07% of the company's stock.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $174.55 on Wednesday. The company has a market cap of $144.19 billion, a P/E ratio of 28.85, a P/E/G ratio of 1.51 and a beta of 1.09. The business has a fifty day simple moving average of $182.53 and a 200-day simple moving average of $179.52. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. Southern Copper's dividend payout ratio is currently 66.12%.

Analyst Ratings Changes

SCCO has been the subject of several analyst reports. Wells Fargo & Company set a $171.00 target price on shares of Southern Copper and gave the company an "equal weight" rating in a research note on Friday, May 1st. Scotiabank reaffirmed an "underperform" rating and set a $140.00 price target (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Southern Copper in a report on Wednesday, June 24th. UBS Group reissued a "sell" rating and issued a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday. Finally, The Goldman Sachs Group raised shares of Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price objective on the stock in a research note on Friday, April 10th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $147.19.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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