JPMorgan Chase & Co. Trims Holdings in Southern Copper Corporation $SCCO

JPMorgan Chase & Co. lowered its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 33.6% in the third quarter, Holdings Channel reports. The institutional investor owned 1,142,392 shares of the basic materials company’s stock after selling 577,491 shares during the quarter. JPMorgan Chase & Co.’s holdings in Southern Copper were worth $138,643,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Southern Copper during the 2nd quarter worth $57,901,000. HRT Financial LP acquired a new stake in shares of Southern Copper in the 2nd quarter valued at about $29,771,000. Man Group plc lifted its position in shares of Southern Copper by 65.4% during the second quarter. Man Group plc now owns 467,119 shares of the basic materials company’s stock worth $47,258,000 after purchasing an additional 184,641 shares during the last quarter. Ossiam lifted its position in shares of Southern Copper by 236,557.7% during the second quarter. Ossiam now owns 168,027 shares of the basic materials company’s stock worth $16,999,000 after purchasing an additional 167,956 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Southern Copper by 81.5% in the second quarter. BNP Paribas Financial Markets now owns 286,282 shares of the basic materials company’s stock worth $28,963,000 after purchasing an additional 128,512 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on SCCO shares. The Goldman Sachs Group reaffirmed a “sell” rating and set a $127.91 target price on shares of Southern Copper in a report on Wednesday, January 14th. Scotiabank restated an “underperform” rating on shares of Southern Copper in a research note on Tuesday, January 27th. Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday. Itau BBA Securities cut shares of Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 target price on the stock. in a report on Monday, December 22nd. Finally, Citigroup reaffirmed a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $136.49.

Insider Buying and Selling

In other news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the transaction, the director directly owned 605 shares in the company, valued at $126,783.04. This trade represents a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total transaction of $55,544.87. Following the transaction, the director owned 1,275 shares in the company, valued at $175,731.28. This represents a 24.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Stock Up 3.6%

SCCO opened at $200.99 on Friday. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $218.81. The stock’s 50 day moving average price is $173.75 and its 200 day moving average price is $138.23. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91. The stock has a market cap of $163.24 billion, a P/E ratio of 37.78, a P/E/G ratio of 1.65 and a beta of 1.07.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th will be given a dividend of $1.00 per share. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date is Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. Southern Copper’s payout ratio is presently 75.19%.

Southern Copper 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.