AQR Capital Management LLC Has $7.64 Million Stock Holdings in Southern Copper Corporation $SCCO

AQR Capital Management LLC grew its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,716 shares of the basic materials company’s stock after purchasing an additional 1,155 shares during the quarter. AQR Capital Management LLC’s holdings in Southern Copper were worth $7,637,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Southern Copper by 26.3% in the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after acquiring an additional 322,935 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Southern Copper by 6.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,280,286 shares of the basic materials company’s stock valued at $116,672,000 after purchasing an additional 78,769 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Southern Copper by 2.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company’s stock worth $98,982,000 after acquiring an additional 30,232 shares during the period. Ameriprise Financial Inc. raised its holdings in Southern Copper by 5.3% in the first quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company’s stock worth $85,595,000 after purchasing an additional 45,691 shares during the period. Finally, Empower Advisory Group LLC boosted its holdings in shares of Southern Copper by 17.0% in the first quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company’s stock valued at $84,509,000 after buying an additional 131,156 shares during the period. Institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SCCO. Itau BBA Securities upgraded shares of Southern Copper from an “underperform” rating to a “market perform” rating in a report on Wednesday, June 11th. UBS Group lowered 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 report on Tuesday, July 1st. JPMorgan Chase & Co. upped their price objective 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 reaffirmed an “underweight” rating and set a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $93.60.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the sale, the director directly owned 2,327 shares in the company, valued at approximately $232,700. This represents a 15.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 1,028 shares of company stock worth $102,014. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

Shares of NYSE SCCO opened at $105.02 on Friday. The stock’s 50 day moving average price is $98.11 and its 200-day moving average price is $94.34. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a twelve month low of $74.84 and a twelve month high of $121.44. The company has a market capitalization of $84.44 billion, a PE ratio of 22.98, a PEG ratio of 1.51 and a beta of 0.99.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 15th were paid a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, August 15th. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. Southern Copper’s dividend payout ratio (DPR) is 70.02%.

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.