Rhumbline Advisers Reduces Stock Holdings in Southern Copper Corporation $SCCO

Rhumbline Advisers decreased its position in Southern Copper Corporation (NYSE:SCCO) by 20.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,293 shares of the basic materials company’s stock after selling 32,215 shares during the quarter. Rhumbline Advisers’ holdings in Southern Copper were worth $15,570,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Southern Copper by 10.8% during the second quarter. JPMorgan Chase & Co. now owns 1,719,883 shares of the basic materials company’s stock valued at $174,002,000 after acquiring an additional 168,005 shares in the last quarter. Empower Advisory Group LLC boosted its holdings in Southern Copper by 8.4% in the second quarter. Empower Advisory Group LLC now owns 979,877 shares of the basic materials company’s stock valued at $99,134,000 after purchasing an additional 75,653 shares during the last quarter. Legal & General Group Plc grew its stake in Southern Copper by 4.3% during the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock valued at $95,273,000 after purchasing an additional 38,856 shares in the last quarter. Bollard Group LLC grew its stake in Southern Copper by 14.1% during the 2nd quarter. Bollard Group LLC now owns 834,344 shares of the basic materials company’s stock valued at $84,411,000 after purchasing an additional 103,014 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in Southern Copper by 22.6% during the 2nd quarter. 1832 Asset Management L.P. now owns 697,642 shares of the basic materials company’s stock worth $70,580,000 after purchasing an additional 128,423 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Price Performance

SCCO opened at $193.04 on Thursday. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64. The company’s 50-day moving average price is $171.60 and its 200 day moving average price is $136.77. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $218.81. The firm has a market cap of $156.78 billion, a price-to-earnings ratio of 36.28, a price-to-earnings-growth ratio of 1.55 and a beta of 1.07.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th will be given a dividend of $1.00 per share. This is an increase from Southern Copper’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, February 10th. Southern Copper’s payout ratio is currently 75.19%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 403 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total transaction of $55,544.87. Following the completion of the transaction, the director directly owned 1,275 shares of the company’s stock, valued at $175,731.28. The trade was a 24.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The stock was 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 of the company’s stock, valued at approximately $126,783.04. This trade represents a 93.91% decrease in their position. The SEC filing for this sale provides additional information. 0.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SCCO shares. Wall Street Zen downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Citigroup reissued a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Zacks Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. UBS Group reaffirmed a “sell” rating and set a $148.74 price target (up previously from $146.75) on shares of Southern Copper in a research report on Tuesday, February 3rd. Finally, Scotiabank reissued 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 issued a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $136.49.

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.