Azzad Asset Management Inc. ADV Sells 14,881 Shares of Southern Copper Corporation $SCCO

Azzad Asset Management Inc. ADV decreased its position in shares of Southern Copper Corporation (NYSE:SCCO) by 38.8% in the first quarter, HoldingsChannel reports. The firm owned 23,474 shares of the basic materials company’s stock after selling 14,881 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Southern Copper were worth $4,039,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SCCO. Royal Bank of Canada grew its holdings in shares of Southern Copper by 42.1% in the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after purchasing an additional 13,293 shares in the last quarter. Empowered Funds LLC raised its position in Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after purchasing an additional 1,020 shares during the period. Focus Partners Wealth lifted its stake in Southern Copper by 21.5% in the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after purchasing an additional 1,052 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after buying an additional 19,957 shares during the period. Finally, Baird Financial Group Inc. boosted its position in shares of Southern Copper by 17.7% during the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock valued at $492,000 after buying an additional 731 shares during the period. 7.94% of the stock is owned by institutional investors.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $174.43 on Friday. The company has a market capitalization of $144.09 billion, a PE ratio of 28.83, a P/E/G ratio of 1.50 and a beta of 1.11. The company has a 50-day simple moving average of $180.98 and a two-hundred day simple moving average of $180.96. 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 quick ratio of 3.89 and a current ratio of 4.38.

Southern Copper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Wednesday, May 13th. Southern Copper’s payout ratio is 66.12%.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the 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 owned 1,807 shares of the company’s stock, valued at $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 404 shares of company stock worth $74,108 over the last three months. Corporate insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SCCO shares. Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Morgan Stanley boosted their target price on shares of Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday. The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective for the company in a report on Friday, April 10th. Finally, JPMorgan Chase & Co. boosted their price target on Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a report on Wednesday, June 17th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $147.10.

Southern Copper Company Profile

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.