Quantitative Investment Management LLC lowered its position in Southern Copper Corp (NYSE:SCCO) by 51.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 102,200 shares of the basic materials company’s stock after selling 109,900 shares during the quarter. Quantitative Investment Management LLC’s holdings in Southern Copper were worth $4,849,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Americafirst Capital Management LLC purchased a new stake in Southern Copper in the third quarter valued at approximately $166,000. SG Americas Securities LLC lifted its stake in Southern Copper by 32.9% in the third quarter. SG Americas Securities LLC now owns 5,141 shares of the basic materials company’s stock valued at $204,000 after buying an additional 1,274 shares during the last quarter. Comerica Bank purchased a new stake in Southern Copper in the fourth quarter valued at approximately $205,000. Wetherby Asset Management Inc. purchased a new stake in Southern Copper in the fourth quarter valued at approximately $208,000. Finally, Lau Associates LLC purchased a new stake in Southern Copper in the fourth quarter valued at approximately $216,000. Institutional investors own 6.86% of the company’s stock.
In other news, Director Bonilla Luis Miguel Palomino sold 600 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $52.30, for a total transaction of $31,380.00. Following the completion of the sale, the director now owns 5,614 shares in the company, valued at $293,612.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Monday, February 12th. This is a boost from Southern Copper’s previous quarterly dividend of $0.25. Southern Copper’s dividend payout ratio is 77.92%.
A number of equities research analysts have weighed in on SCCO shares. Santander upgraded Southern Copper from a “hold” rating to a “buy” rating in a research note on Monday, December 18th. Citigroup reiterated a “neutral” rating on shares of Southern Copper in a research note on Monday, January 22nd. UBS Group cut Southern Copper from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $48.00 to $50.50 in a research note on Monday, January 22nd. Zacks Investment Research cut Southern Copper from a “buy” rating to a “hold” rating in a research note on Thursday, January 25th. Finally, B. Riley boosted their price objective on Southern Copper from $47.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, March 6th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Southern Copper currently has a consensus rating of “Hold” and a consensus target price of $46.56.
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Southern Copper 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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