Southern Copper Corporation (SCCO) Holdings Trimmed by Russell Investments Group Ltd.
Russell Investments Group Ltd. lessened its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 5.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,824 shares of the basic materials company’s stock after selling 3,562 shares during the quarter. Russell Investments Group Ltd.’s holdings in Southern Copper Corporation were worth $2,071,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its position in Southern Copper Corporation by 406.0% during the first quarter. JPMorgan Chase & Co. now owns 108,608 shares of the basic materials company’s stock worth $3,899,000 after buying an additional 87,142 shares during the last quarter. Credit Suisse AG boosted its holdings in shares of Southern Copper Corporation by 4.2% during the first quarter. Credit Suisse AG now owns 396,048 shares of the basic materials company’s stock worth $14,214,000 after acquiring an additional 15,945 shares during the period. M&T Bank Corp boosted its holdings in shares of Southern Copper Corporation by 1.4% during the first quarter. M&T Bank Corp now owns 29,912 shares of the basic materials company’s stock worth $1,073,000 after acquiring an additional 400 shares during the period. BlueCrest Capital Management Ltd bought a new stake in shares of Southern Copper Corporation during the first quarter worth approximately $272,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Southern Copper Corporation by 3.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,827 shares of the basic materials company’s stock worth $353,000 after acquiring an additional 359 shares during the period. 6.05% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on SCCO shares. BidaskClub upgraded Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Cowen and Company restated a “hold” rating and set a $39.00 price objective on shares of Southern Copper Corporation in a report on Wednesday, July 19th. HSBC Holdings plc cut Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a report on Wednesday, August 16th. FBR & Co reduced their price objective on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, June 16th. Finally, Barclays PLC boosted their price objective on Southern Copper Corporation from $33.00 to $35.00 and gave the stock an “underweight” rating in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Southern Copper Corporation presently has a consensus rating of “Hold” and an average price target of $36.29.
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In related news, Chairman German Larrea Mota Velasco sold 25,070 shares of Southern Copper Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $39.50, for a total value of $990,265.00. Following the completion of the transaction, the chairman now directly owns 3,477,097 shares in the company, valued at approximately $137,345,331.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 900,670 shares of company stock valued at $35,575,771 over the last quarter. 0.53% of the stock is owned by company insiders.
Shares of Southern Copper Corporation (SCCO) traded up 1.47% during midday trading on Monday, hitting $41.30. The stock had a trading volume of 626,146 shares. The company has a market cap of $31.93 billion, a price-to-earnings ratio of 32.47 and a beta of 0.55. The stock’s 50-day moving average price is $39.38 and its 200 day moving average price is $36.52. Southern Copper Corporation has a 52 week low of $24.90 and a 52 week high of $41.77.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.36%. This is a positive change from Southern Copper Corporation’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, August 7th. Southern Copper Corporation’s payout ratio is currently 43.75%.
Southern Copper Corporation Company Profile
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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