Madison Asset Management LLC Trims Stake in Southern Copper Corporation $SCCO

Madison Asset Management LLC cut its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 16.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,424 shares of the basic materials company’s stock after selling 3,189 shares during the quarter. Madison Asset Management LLC’s holdings in Southern Copper were worth $1,993,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of SCCO. Hopwood Financial Services Inc. purchased a new position in Southern Copper during the third quarter worth about $25,000. MJT & Associates Financial Advisory Group Inc. lifted its holdings in shares of Southern Copper by 65.1% in the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 84 shares during the last quarter. Tobam acquired a new position in shares of Southern Copper in the 2nd quarter worth approximately $29,000. United Community Bank purchased a new position in shares of Southern Copper during the 3rd quarter worth approximately $30,000. Finally, Westside Investment Management Inc. acquired a new stake in Southern Copper in the 2nd quarter valued at approximately $32,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Stock Performance

NYSE:SCCO opened at $206.86 on Thursday. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month 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 capitalization of $168.01 billion, a PE ratio of 38.88, a price-to-earnings-growth ratio of 1.63 and a beta of 1.07. The business’s fifty day moving average price is $166.10 and its 200 day moving average price is $133.21.

Southern Copper Increases Dividend

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

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 403 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total value of $55,544.87. Following the transaction, the director directly owned 1,275 shares of the company’s stock, valued at $175,731.28. This trade represents a 24.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of Southern Copper stock in a transaction on 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 sale, the director owned 605 shares in the company, valued at $126,783.04. This represents a 93.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Itau BBA Securities cut Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 price target on the stock. in a research note on Monday, December 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Southern Copper in a report on Monday, December 29th. Wells Fargo & Company set a $190.38 target price on Southern Copper and gave the company an “equal weight” rating in a report on Thursday, January 29th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $116.51 target price (down from $118.49) on shares of Southern Copper in a research report on Friday, January 23rd. Finally, HSBC reissued a “hold” rating and set a $117.01 price target (up previously from $104.12) on shares of Southern Copper in a research report on Friday, October 17th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and seven have given a Sell rating to the company’s stock. According to data from MarketBeat, Southern Copper currently has a consensus rating of “Reduce” and an average 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.