Klein Pavlis & Peasley Financial Inc. reduced its holdings in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) by 33.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,233 shares of the basic materials company’s stock after selling 13,978 shares during the quarter. Southern Copper makes up 2.7% of Klein Pavlis & Peasley Financial Inc.’s investment portfolio, making the stock its 9th largest position. Klein Pavlis & Peasley Financial Inc.’s holdings in Southern Copper were worth $4,858,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SCCO. National Wealth Management Group LLC purchased a new position in shares of Southern Copper during the 4th quarter worth approximately $1,281,000. Vanguard Group Inc. raised its position in shares of Southern Copper by 11.2% during the 3rd quarter. Vanguard Group Inc. now owns 950,018 shares of the basic materials company’s stock worth $115,294,000 after purchasing an additional 96,013 shares during the last quarter. Nordea Investment Management AB lifted its stake in Southern Copper by 74.0% in the 4th quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock valued at $37,142,000 after buying an additional 109,857 shares in the last quarter. Oak Harvest Investment Services purchased a new stake in Southern Copper in the 4th quarter valued at approximately $7,650,000. Finally, Savvy Advisors Inc. acquired a new stake in Southern Copper during the 4th quarter valued at $1,434,000. Institutional investors and hedge funds own 7.94% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on SCCO. Weiss Ratings reissued a “buy (b)” rating on shares of Southern Copper in a research report on Wednesday, June 24th. Morgan Stanley upped their price objective on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a research report on Thursday, April 9th. JPMorgan Chase & Co. increased their price objective on Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. UBS Group lifted their price objective on Southern Copper from $140.00 to $145.00 and gave the stock a “sell” rating in a research report on Thursday, May 21st. Finally, 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. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $145.94.
Insider Activity
In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares in the company, valued at approximately $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 404 shares of company stock valued at $74,108 over the last 90 days. 0.07% of the stock is currently owned by company insiders.
Southern Copper Stock Performance
NYSE SCCO opened at $168.05 on Tuesday. The business’s 50-day moving average price is $182.93 and its 200 day moving average price is $179.30. Southern Copper Corporation has a twelve month low of $88.73 and a twelve month high of $223.88. The company has a market capitalization of $138.82 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 1.54 and a beta of 1.09. 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 Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were given a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. Southern Copper’s dividend payout ratio (DPR) is currently 66.12%.
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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