Ossiam Lowers Position in Southern Copper Corporation $SCCO

Ossiam decreased its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 26.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 123,616 shares of the basic materials company’s stock after selling 44,411 shares during the period. Ossiam’s holdings in Southern Copper were worth $15,002,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hopwood Financial Services Inc. purchased a new position in Southern Copper during the 3rd quarter worth $25,000. MJT & Associates Financial Advisory Group Inc. lifted its position in shares of Southern Copper by 65.1% during the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 84 shares in the last quarter. United Community Bank bought a new position in shares of Southern Copper during the third quarter valued at about $30,000. Caitlin John LLC purchased a new position in Southern Copper during the third quarter worth about $30,000. Finally, Allworth Financial LP grew its position in Southern Copper by 65.1% in the 2nd quarter. Allworth Financial LP now owns 383 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 151 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SCCO shares. Morgan Stanley reiterated an “underweight” rating and issued a $154.69 price objective on shares of Southern Copper in a research note on Friday, January 30th. Bank of America downgraded Southern Copper from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $162.00 to $175.00 in a research note on Thursday, February 26th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $116.51 target price (down from $118.49) on shares of Southern Copper in a report on Friday, January 23rd. The Goldman Sachs Group reaffirmed a “sell” rating and set a $127.91 price target on shares of Southern Copper in a research report on Wednesday, January 14th. Finally, Scotiabank reissued an “underperform” rating on shares of Southern Copper in a research report on Tuesday, January 27th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $139.99.

Southern Copper Trading Down 5.3%

Shares of SCCO stock opened at $171.05 on Friday. The firm has a market cap of $138.92 billion, a P/E ratio of 32.15, a PEG ratio of 1.86 and a beta of 1.03. The company has a 50 day moving average of $190.66 and a 200-day moving average of $148.84. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 10th were issued a $1.00 dividend. This is an increase 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 yield of 2.3%. Southern Copper’s payout ratio is 75.19%.

Insiders Place Their Bets

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction dated 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 approximately $126,783.04. The trade was a 93.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.07% of the company’s stock.

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.