US Bancorp DE Boosts Stake in Southern Copper Corporation $SCCO

US Bancorp DE raised its stake in Southern Copper Corporation (NYSE:SCCO) by 24.9% during the third quarter, Holdings Channel reports. The fund owned 64,124 shares of the basic materials company’s stock after buying an additional 12,772 shares during the period. US Bancorp DE’s holdings in Southern Copper were worth $7,782,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rakuten Investment Management Inc. bought a new position in shares of Southern Copper in the 3rd quarter worth $2,976,000. Legal & General Group Plc boosted its position 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 buying an additional 38,856 shares during the period. Nordea Investment Management AB increased its stake in shares of Southern Copper by 5.7% during the third quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company’s stock valued at $17,778,000 after buying an additional 7,995 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Southern Copper by 2,631.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company’s stock valued at $1,631,000 after acquiring an additional 12,949 shares during the period. Finally, Alps Advisors Inc. grew its stake in shares of Southern Copper by 54.2% in the third quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company’s stock worth $4,326,000 after acquiring an additional 12,532 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors.

Insider Transactions at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 403 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was 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 in the company, valued at $175,731.28. This trade represents a 24.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’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 sale, the director directly owned 605 shares in the company, valued at $126,783.04. This represents a 93.91% decrease in their position. The SEC filing for this sale provides additional information. 0.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SCCO has been the subject of several research analyst reports. UBS Group reiterated a “sell” rating and issued a $148.74 price objective (up from $146.75) on shares of Southern Copper in a report on Tuesday, February 3rd. JPMorgan Chase & Co. reissued an “underweight” rating and set a $116.51 price target (down from $118.49) on shares of Southern Copper in a report on Friday, January 23rd. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Sunday. Scotiabank reaffirmed an “underperform” rating on shares of Southern Copper in a research note on Tuesday, January 27th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $154.69 target price on shares of Southern Copper in a research report on Friday, January 30th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and eight have given a Sell rating to the company. According to data from MarketBeat, Southern Copper presently has a consensus rating of “Reduce” and a consensus target price of $139.99.

Southern Copper Stock Performance

SCCO opened at $217.88 on Monday. The firm’s fifty day simple moving average is $180.98 and its two-hundred day simple moving average is $142.63. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $223.89. The company has a market cap of $176.96 billion, a price-to-earnings ratio of 40.96, a PEG ratio of 2.25 and a beta of 1.03. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th were paid a $1.00 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. Southern Copper’s dividend 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.