DNB Asset Management AS Sells 14,273 Shares of Southern Copper Corporation $SCCO

DNB Asset Management AS decreased its position in shares of Southern Copper Corporation (NYSE:SCCO) by 66.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,323 shares of the basic materials company’s stock after selling 14,273 shares during the period. DNB Asset Management AS’s holdings in Southern Copper were worth $889,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Hopwood Financial Services Inc. bought a new position in Southern Copper in the 3rd quarter valued at $25,000. MJT & Associates Financial Advisory Group Inc. grew its holdings in shares of Southern Copper by 65.1% during the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 84 shares during the last quarter. United Community Bank acquired a new stake in shares of Southern Copper in the third quarter valued at $30,000. Tobam bought a new position in shares of Southern Copper in the second quarter valued at about $29,000. Finally, Westside Investment Management Inc. acquired a new position in Southern Copper during the 2nd quarter worth about $32,000. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Down 5.7%

NYSE:SCCO opened at $206.44 on Wednesday. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $223.88. The stock’s fifty day simple moving average is $183.64 and its 200-day simple moving average is $144.27. The firm has a market capitalization of $167.67 billion, a P/E ratio of 38.80, a P/E/G ratio of 2.26 and a beta of 1.03.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 10th were given a $1.00 dividend. The ex-dividend date was Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s dividend payout ratio is 75.19%.

Insiders Place Their Bets

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the completion of the transaction, the director owned 605 shares in the company, valued at approximately $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SCCO. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Monday, December 29th. The Goldman Sachs Group reissued a “sell” rating and issued a $127.91 price target on shares of Southern Copper in a report on Wednesday, January 14th. Scotiabank reaffirmed an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. Wells Fargo & Company set a $190.38 target price on Southern Copper and gave the company an “equal weight” rating in a research note on Thursday, January 29th. Finally, Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have given a Sell rating to the company. According to data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and a consensus target price of $139.99.

About Southern Copper

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.