Greenwood Capital Associates LLC Decreases Stake in Southern Copper Corporation $SCCO

Greenwood Capital Associates LLC cut its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,006 shares of the basic materials company’s stock after selling 736 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Southern Copper were worth $1,518,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SCCO. JPMorgan Chase & Co. raised its stake in shares of Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after buying an additional 322,935 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Southern Copper by 3.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company’s stock valued at $130,718,000 after acquiring an additional 44,014 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in Southern Copper by 2.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company’s stock valued at $98,982,000 after acquiring an additional 30,232 shares in the last quarter. Ameriprise Financial Inc. raised its position in Southern Copper by 5.3% during the first quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company’s stock worth $85,595,000 after acquiring an additional 45,691 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in shares of Southern Copper by 17.0% in the first quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company’s stock valued at $84,509,000 after purchasing an additional 131,156 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SCCO shares. Itau BBA Securities raised Southern Copper from an “underperform” rating to a “market perform” rating in a report on Wednesday, June 11th. UBS Group reiterated a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. The Goldman Sachs Group set a $89.00 target price on Southern Copper and gave the stock a “sell” rating in a report on Wednesday, September 17th. Morgan Stanley reaffirmed an “underweight” rating and set a $99.00 price target (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $92.40.

Southern Copper Price Performance

Shares of SCCO opened at $125.41 on Friday. The firm has a market capitalization of $100.84 billion, a price-to-earnings ratio of 27.44, a price-to-earnings-growth ratio of 1.25 and a beta of 1.02. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The stock’s fifty day moving average is $102.38 and its 200-day moving average is $96.77. Southern Copper Corporation has a one year low of $74.84 and a one year high of $125.58.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were given a $1.01 dividend. This is a positive change from Southern Copper’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 15th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.2%. Southern Copper’s dividend payout ratio is 70.02%.

Insider Activity at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the transaction, the director directly owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 1,228 shares of company stock valued at $123,102 in the last ninety days. Company insiders own 0.07% of the company’s stock.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.