Southern Copper Corporation $SCCO Position Reduced by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,836 shares of the basic materials company’s stock after selling 3,363 shares during the period. Sterling Capital Management LLC’s holdings in Southern Copper were worth $6,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada raised its stake in shares of Southern Copper by 42.1% in the 1st 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 grew its stake in Southern Copper by 17.9% in the first 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 in the last quarter. Focus Partners Wealth grew 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 in the last quarter. First Trust Advisors LP increased its holdings in Southern Copper by 37.4% in 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 last quarter. Finally, Baird Financial Group Inc. increased its holdings in Southern Copper by 17.7% in 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 last quarter. Institutional investors own 7.94% of the company’s stock.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 404 shares of company stock valued at $74,108. Company insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $171.37 on Friday. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average price is $183.33 and its two-hundred day moving average price is $178.82. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The stock has a market capitalization of $141.57 billion, a P/E ratio of 28.33, a P/E/G ratio of 1.54 and a beta of 1.09.

Southern Copper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. Southern Copper’s dividend payout ratio (DPR) is 66.12%.

Wall Street Analysts Forecast Growth

SCCO has been the topic of a number of research analyst reports. Barclays initiated coverage on Southern Copper in a report on Thursday, May 21st. They set an “underweight” rating and a $148.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research report on Wednesday, June 17th. Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday. Morgan Stanley raised their price objective on Southern Copper from $155.00 to $160.00 and gave the stock an “underweight” rating in a research note on Thursday, April 9th. Finally, Scotiabank reaffirmed an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Southern Copper currently has a consensus rating of “Reduce” and a consensus price target of $145.94.

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.