D.A. Davidson & CO. Sells 11,333 Shares of Southern Copper Corporation $SCCO

D.A. Davidson & CO. trimmed its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 33.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,305 shares of the basic materials company’s stock after selling 11,333 shares during the period. D.A. Davidson & CO.’s holdings in Southern Copper were worth $3,838,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SCCO. SHP Wealth Management bought a new stake in Southern Copper during the fourth quarter worth about $25,000. Lloyd Advisory Services LLC. bought a new position in Southern Copper in the fourth quarter valued at approximately $29,000. Virtus Advisers LLC bought a new position in Southern Copper in the fourth quarter valued at approximately $29,000. Godfrey Financial Associates Inc. acquired a new position in shares of Southern Copper during the 4th quarter worth approximately $30,000. Finally, IFP Advisors Inc increased its position in shares of Southern Copper by 233.3% during the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 161 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 404 shares of company stock valued at $74,108. 0.07% of the stock is owned by corporate insiders.

Southern Copper Price Performance

NYSE:SCCO opened at $172.22 on Monday. The company has a market cap of $142.26 billion, a P/E ratio of 28.47, a P/E/G ratio of 1.47 and a beta of 1.11. The firm’s fifty day moving average price is $181.03 and its two-hundred day moving average price is $182.26. Southern Copper Corporation has a one year low of $88.73 and a one year high of $223.88. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.6%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is currently 66.12%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. Barclays restated an “underweight” rating and set a $160.00 target price (up from $148.00) on shares of Southern Copper in a report on Wednesday. Weiss Ratings lowered shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, July 8th. Morgan Stanley increased their price target on shares of Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a research note on Wednesday, July 8th. Finally, The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target for the company in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and a consensus price target of $148.10.

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.