Convergence Investment Partners LLC increased its position in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) by 66.0% during the 1st quarter, Holdings Channel.com reports. The fund owned 22,793 shares of the basic materials company’s stock after acquiring an additional 9,060 shares during the period. Convergence Investment Partners LLC’s holdings in Southern Copper were worth $3,922,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Intech Investment Management LLC lifted its position in shares of 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 purchasing an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings 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 purchasing an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC grew its holdings in shares of Southern Copper by 1.8% in 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 purchasing an additional 52 shares in the last quarter. Ensign Peak Advisors Inc increased its stake in Southern Copper by 0.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock worth $915,000 after buying an additional 53 shares during the period. Finally, Venture Visionary Partners LLC increased its stake 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 buying an additional 53 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.
Southern Copper Trading Up 1.6%
Shares of NYSE:SCCO opened at $175.20 on Tuesday. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The company’s 50 day moving average is $180.83 and its two-hundred day moving average is $182.47. The company has a market cap of $144.73 billion, a PE ratio of 28.96, a P/E/G ratio of 1.47 and a beta of 1.11. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57.
Southern Copper Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.5%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s dividend payout ratio is currently 66.12%.
Insiders Place Their Bets
In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 404 shares of company stock valued at $74,108 in the last 90 days. 0.07% of the stock is owned by company insiders.
Analysts Set New Price Targets
Several brokerages have commented on SCCO. Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. UBS Group reaffirmed a “sell” rating and set a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. Scotiabank reiterated an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a report on Friday, April 10th. Finally, Wells Fargo & Company boosted their target price on Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat, Southern Copper has a consensus rating of “Reduce” and a consensus price target of $148.10.
View Our Latest Analysis on SCCO
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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