Southern Copper Corporation $SCCO Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its stake in shares of Southern Copper Corporation (NYSE:SCCO) by 20.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,293 shares of the basic materials company’s stock after selling 32,215 shares during the quarter. Rhumbline Advisers’ holdings in Southern Copper were worth $15,570,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Southern Copper by 42.1% during 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 buying an additional 13,293 shares during the period. Empowered Funds LLC boosted its holdings in shares of Southern Copper by 17.9% in the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after acquiring an additional 1,020 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after acquiring an additional 1,052 shares during the period. TD Asset Management Inc bought a new stake in Southern Copper during the second quarter worth approximately $778,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Southern Copper in the second quarter worth approximately $603,000. Institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wells Fargo & Company set a $190.38 price objective on Southern Copper and gave the stock an “equal weight” rating in a research note on Thursday, January 29th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $116.51 price target (down from $118.49) on shares of Southern Copper in a research report on Friday, January 23rd. Citigroup reissued a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Morgan Stanley reaffirmed an “underweight” rating and issued a $154.69 price objective on shares of Southern Copper in a research note on Friday, January 30th. Finally, UBS Group reissued a “sell” rating and set a $148.74 target price (up from $146.75) on shares of Southern Copper in a research note on Tuesday, February 3rd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $136.49.

Insider Activity at Southern Copper

In other Southern Copper news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the sale, the director directly owned 605 shares of the company’s stock, valued at $126,783.04. The trade was a 93.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total value of $55,544.87. Following the completion of the sale, the director directly owned 1,275 shares of the company’s stock, valued at approximately $175,731.28. This trade represents a 24.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.07% of the company’s stock.

Southern Copper Price Performance

SCCO stock opened at $193.04 on Thursday. Southern Copper Corporation has a one year low of $74.84 and a one year high of $218.81. The firm has a 50-day moving average of $171.60 and a two-hundred day moving average of $136.77. The firm has a market capitalization of $156.78 billion, a PE ratio of 36.28, a P/E/G ratio of 1.55 and a beta of 1.07. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64.

Southern Copper Increases Dividend

The company also recently disclosed 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 represents a $4.00 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, February 10th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s dividend payout ratio is presently 75.19%.

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.