Southern Copper Corporation $SCCO Shares Sold by Amundi

Amundi lessened its position in shares of Southern Copper Corporation (NYSE:SCCO) by 9.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 158,590 shares of the basic materials company’s stock after selling 15,623 shares during the quarter. Amundi’s holdings in Southern Copper were worth $13,755,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Teacher Retirement System of Texas acquired a new position in shares of Southern Copper during the 1st quarter worth $2,637,000. Golden State Wealth Management LLC acquired a new stake in shares of Southern Copper during the first quarter valued at $29,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Southern Copper during the first quarter valued at $337,000. GAMMA Investing LLC boosted its stake in shares of Southern Copper by 35.2% during the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company’s stock valued at $85,000 after acquiring an additional 236 shares during the last quarter. Finally, Novem Group boosted its stake in shares of Southern Copper by 34.4% during the 1st quarter. Novem Group now owns 10,758 shares of the basic materials company’s stock worth $1,005,000 after purchasing an additional 2,754 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,028 shares of company stock valued at $102,014 in the last 90 days. 0.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. UBS Group cut shares of Southern Copper from a “buy” rating to a “neutral” rating and set a $105.00 price target on the stock. in a research note on Tuesday, July 1st. JPMorgan Chase & Co. raised their target price on shares of Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 3rd. Morgan Stanley restated an “underweight” rating and set a $99.00 target price (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Itau BBA Securities upgraded Southern Copper from an “underperform” rating to a “market perform” rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Tuesday, May 20th. Four research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and a consensus price target of $93.60.

Southern Copper Stock Performance

Southern Copper stock opened at $99.97 on Wednesday. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The firm has a market capitalization of $80.38 billion, a P/E ratio of 21.88, a PEG ratio of 1.47 and a beta of 0.99. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The stock has a fifty day moving average price of $98.20 and a 200 day moving average price of $94.21.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were issued a $1.01 dividend. The ex-dividend date was Friday, August 15th. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. This represents a $4.04 dividend on an annualized basis and a yield of 4.0%. Southern Copper’s 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.