Van ECK Associates Corp Buys 10,924 Shares of Southern Copper Corporation $SCCO

Van ECK Associates Corp increased its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 6.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 175,194 shares of the basic materials company’s stock after buying an additional 10,924 shares during the period. Van ECK Associates Corp’s holdings in Southern Copper were worth $21,262,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Capital World Investors increased its stake in shares of Southern Copper by 36.1% during the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock worth $781,268,000 after purchasing an additional 1,708,693 shares during the last quarter. Norges Bank purchased a new position in Southern Copper in the second quarter valued at approximately $57,901,000. HRT Financial LP bought a new position in Southern Copper during the second quarter valued at $29,771,000. Man Group plc grew its holdings in Southern Copper by 65.4% during the second quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock valued at $47,258,000 after purchasing an additional 184,641 shares during the period. Finally, Schroder Investment Management Group grew its holdings in Southern Copper by 54.6% during the third quarter. Schroder Investment Management Group now owns 505,284 shares of the basic materials company’s stock valued at $61,321,000 after purchasing an additional 178,350 shares during the period. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE:SCCO traded down $4.94 during midday trading on Friday, reaching $175.63. 374,063 shares of the company traded hands, compared to its average volume of 2,202,755. The firm’s fifty day moving average price is $190.19 and its two-hundred day moving average price is $148.32. The firm has a market capitalization of $142.64 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 1.98 and a beta of 1.03. The company has a quick ratio of 3.40, a current ratio of 3.89 and a debt-to-equity ratio of 0.61. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $223.88.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th were given a dividend of $1.00 per share. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 10th. Southern Copper’s dividend payout ratio (DPR) is currently 75.19%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SCCO shares. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Itau BBA Securities lowered Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 price objective for the company. in a report on Monday, December 22nd. Citigroup reaffirmed a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Finally, Wells Fargo & Company set a $190.38 target price on shares of Southern Copper and gave the stock an “equal weight” rating in a research report on Thursday, January 29th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $139.99.

Insider Activity

In other news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were 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 of the company’s stock, valued at approximately $126,783.04. This represents a 93.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.07% of the company’s stock.

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.