Envestnet Asset Management Inc. Sells 5,526 Shares of Southern Copper Corporation $SCCO

Envestnet Asset Management Inc. lowered its position in Southern Copper Corporation (NYSE:SCCO) by 17.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 26,148 shares of the basic materials company’s stock after selling 5,526 shares during the period. Envestnet Asset Management Inc.’s holdings in Southern Copper were worth $3,173,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada boosted its position in Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after acquiring an additional 13,293 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares during the period. Focus Partners Wealth lifted its stake in shares of Southern Copper by 21.5% in the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Southern Copper by 4.4% during the 2nd quarter. Asset Management One Co. Ltd. now owns 17,123 shares of the basic materials company’s stock valued at $1,732,000 after purchasing an additional 715 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in Southern Copper by 10.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 22,059 shares of the basic materials company’s stock worth $2,232,000 after purchasing an additional 2,122 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley restated an “underweight” rating and set a $154.69 price target on shares of Southern Copper in a report on Friday, January 30th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $116.51 target price (down from $118.49) on shares of Southern Copper in a research report on Friday, January 23rd. Scotiabank restated an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $127.91 price objective on shares of Southern Copper in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $136.49.

Insider Buying and Selling at Southern Copper

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 605 shares of the company’s stock, valued at $126,783.04. This trade represents a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the 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 sale, the director owned 1,275 shares of the company’s stock, valued at approximately $175,731.28. This trade represents a 24.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.07% of the stock is currently owned by company insiders.

Southern Copper Price Performance

SCCO stock opened at $216.19 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.91 and a current ratio of 4.52. The business has a 50-day simple moving average of $177.99 and a two-hundred day simple moving average of $140.63. The company has a market capitalization of $175.59 billion, a P/E ratio of 40.64, a price-to-earnings-growth ratio of 1.73 and a beta of 1.07. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $220.76.

Southern Copper Increases Dividend

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

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.