Southern Copper Target of Unusually Large Options Trading (SCCO)
Southern Copper Corporation (NYSE:SCCO) saw unusually large options trading on Friday. Stock traders acquired 898 put options on the stock. This represents an increase of 1,325% compared to the average volume of 63 put options.
SCCO has been the topic of several research reports. B. Riley restated a “buy” rating on shares of Southern Copper in a report on Wednesday, November 1st. BidaskClub cut Southern Copper from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 28th. FBR & Co restated a “buy” rating on shares of Southern Copper in a report on Monday, October 23rd. cut Southern Copper from a “buy” rating to a “hold” rating and set a $41.00 price target on the stock. in a report on Wednesday, August 16th. Finally, Zacks Investment Research cut Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday, November 11th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $38.88.
A number of hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its holdings in Southern Copper by 5.6% in the third quarter. Public Employees Retirement System of Ohio now owns 53,644 shares of the basic materials company’s stock valued at $2,133,000 after acquiring an additional 2,840 shares during the last quarter. Americafirst Capital Management LLC bought a new stake in Southern Copper in the third quarter valued at approximately $166,000. Neuberger Berman Group LLC bought a new stake in Southern Copper in the third quarter valued at approximately $14,271,000. Commerzbank Aktiengesellschaft FI boosted its holdings in Southern Copper by 40.7% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 217,209 shares of the basic materials company’s stock valued at $8,636,000 after acquiring an additional 62,869 shares during the last quarter. Finally, Telemark Asset Management LLC bought a new stake in Southern Copper in the third quarter valued at approximately $11,928,000. Institutional investors and hedge funds own 6.34% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th were issued a $0.25 dividend. The ex-dividend date was Tuesday, November 7th. This is a boost from Southern Copper’s previous quarterly dividend of $0.14. This represents a $1.00 annualized dividend and a yield of 2.34%. Southern Copper’s dividend payout ratio is presently 78.13%.
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About Southern Copper
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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