Southern Copper Co. (NYSE:SCCO) Shares Sold by AGF Management Ltd.

AGF Management Ltd. lessened its stake in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 13.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 195,570 shares of the basic materials company's stock after selling 31,642 shares during the period. AGF Management Ltd.'s holdings in Southern Copper were worth $16,833,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fisher Asset Management LLC lifted its position in shares of Southern Copper by 1.1% during the 4th quarter. Fisher Asset Management LLC now owns 3,348,385 shares of the basic materials company's stock valued at $288,195,000 after acquiring an additional 37,823 shares during the last quarter. abrdn plc lifted its position in shares of Southern Copper by 2.3% during the 4th quarter. abrdn plc now owns 3,041,233 shares of the basic materials company's stock valued at $261,759,000 after acquiring an additional 67,930 shares during the last quarter. Empower Advisory Group LLC lifted its position in shares of Southern Copper by 0.9% during the 3rd quarter. Empower Advisory Group LLC now owns 1,234,784 shares of the basic materials company's stock valued at $92,967,000 after acquiring an additional 10,718 shares during the last quarter. Vanguard Group Inc. raised its stake in Southern Copper by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 968,149 shares of the basic materials company's stock valued at $72,892,000 after purchasing an additional 12,201 shares during the period. Finally, Legal & General Group Plc raised its stake in Southern Copper by 5.1% during the 3rd quarter. Legal & General Group Plc now owns 928,187 shares of the basic materials company's stock valued at $69,883,000 after purchasing an additional 44,841 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SCCO. StockNews.com downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday. The Goldman Sachs Group boosted their target price on shares of Southern Copper from $61.00 to $82.00 and gave the company a "sell" rating in a research note on Friday, March 22nd. CICC Research began coverage on shares of Southern Copper in a research note on Wednesday, April 24th. They set an "outperform" rating on the stock. JPMorgan Chase & Co. dropped their price target on shares of Southern Copper from $63.50 to $61.00 and set an "underweight" rating on the stock in a research note on Thursday, March 21st. Finally, Jefferies Financial Group raised shares of Southern Copper from a "hold" rating to a "buy" rating and upped their price target for the stock from $91.00 to $130.00 in a research note on Friday, March 22nd. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $90.50.

Southern Copper Stock Performance

Shares of NYSE SCCO traded up $1.73 during mid-day trading on Friday, hitting $118.75. The company had a trading volume of 1,263,816 shares, compared to its average volume of 1,500,294. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.31 and a quick ratio of 2.56. The business's 50-day simple moving average is $106.75 and its 200-day simple moving average is $88.60. Southern Copper Co. has a 12 month low of $64.66 and a 12 month high of $121.00. The firm has a market cap of $92.76 billion, a P/E ratio of 39.45, a PEG ratio of 2.64 and a beta of 1.27.

Southern Copper Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Wednesday, May 8th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Tuesday, May 7th. Southern Copper's payout ratio is presently 1.33%.

Insider Activity at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 300 shares of the firm's stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $118.50, for a total transaction of $35,550.00. Following the completion of the transaction, the director now owns 4,614 shares in the company, valued at $546,759. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 600 shares of company stock worth $63,430. Company insiders own 0.08% of the company's stock.

About Southern Copper

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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