Aberdeen Group plc Sells 1,538,804 Shares of Southern Copper Corporation $SCCO

Aberdeen Group plc lowered its holdings in Southern Copper Corporation (NYSE:SCCO) by 81.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 351,552 shares of the basic materials company’s stock after selling 1,538,804 shares during the quarter. Aberdeen Group plc’s holdings in Southern Copper were worth $42,181,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Southern Copper in the second quarter valued at $57,901,000. HRT Financial LP bought a new stake in shares of Southern Copper in the 2nd quarter worth about $29,771,000. Man Group plc grew its holdings in shares of Southern Copper by 65.4% in the 2nd quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock worth $47,258,000 after purchasing an additional 184,641 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Southern Copper by 10.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,719,883 shares of the basic materials company’s stock worth $174,002,000 after purchasing an additional 168,005 shares in the last quarter. Finally, Ossiam lifted its holdings in Southern Copper by 236,557.7% during the 2nd quarter. Ossiam now owns 168,027 shares of the basic materials company’s stock valued at $16,999,000 after purchasing an additional 167,956 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

Southern Copper Trading Up 0.1%

NYSE SCCO opened at $198.03 on Tuesday. Southern Copper Corporation has a one year low of $74.84 and a one year high of $218.81. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91. The firm has a market cap of $160.84 billion, a P/E ratio of 37.22, a P/E/G ratio of 1.63 and a beta of 1.06. The stock’s 50-day moving average is $169.62 and its 200-day moving average is $135.69.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s payout ratio is currently 75.19%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $116.51 target price (down from $118.49) on shares of Southern Copper in a report on Friday, January 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Monday, December 29th. Citigroup reissued a “sell” rating on shares of Southern Copper in a research note on Monday, January 12th. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Scotiabank reaffirmed an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $136.49.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 403 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total value of $55,544.87. Following the completion of the sale, the director directly owned 1,275 shares in the company, valued at approximately $175,731.28. The trade was a 24.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the transaction, the director owned 605 shares in the company, valued at $126,783.04. The trade was a 93.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.07% of the stock is owned by company insiders.

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.