Barings LLC Sells 5,058 Shares of Southern Copper Corporation $SCCO

Barings LLC lessened its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 39.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,685 shares of the basic materials company’s stock after selling 5,058 shares during the period. Barings LLC’s holdings in Southern Copper were worth $933,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of SCCO. Sava Infond d.o.o. raised its position in Southern Copper by 16.6% during the 3rd quarter. Sava Infond d.o.o. now owns 22,395 shares of the basic materials company’s stock worth $2,718,000 after purchasing an additional 3,192 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of Southern Copper by 378.3% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 17,769 shares of the basic materials company’s stock valued at $2,156,000 after buying an additional 14,054 shares during the period. Bridgewater Advisors Inc. bought a new position in shares of Southern Copper during the third quarter worth about $230,000. ICICI Prudential Asset Management Co Ltd acquired a new position in shares of Southern Copper in the third quarter worth approximately $8,452,000. Finally, Drucker Wealth 3.0 LLC boosted its holdings in Southern Copper by 59.5% in the third quarter. Drucker Wealth 3.0 LLC now owns 15,205 shares of the basic materials company’s stock valued at $1,845,000 after acquiring an additional 5,670 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Southern Copper

In other news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction dated 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total transaction of $55,544.87. Following the completion of the sale, the director owned 1,275 shares in the company, valued at $175,731.28. This represents a 24.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on SCCO. Citigroup restated a “sell” rating on shares of Southern Copper in a report on Monday, January 12th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $116.51 price target (down previously from $118.49) on shares of Southern Copper in a research report on Friday, January 23rd. Itau BBA Securities downgraded Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 price target for the company. in a report on Monday, December 22nd. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $127.91 price objective on shares of Southern Copper in a research note on Wednesday, January 14th. Two research 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. According to data from MarketBeat.com, Southern Copper presently has an average rating of “Reduce” and an average price target of $136.49.

Southern Copper Stock Up 3.6%

SCCO stock opened at $200.99 on Friday. The stock’s 50 day simple moving average is $173.75 and its 200 day simple moving average is $137.92. The company has a market cap of $163.24 billion, a P/E ratio of 37.78, a price-to-earnings-growth ratio of 1.60 and a beta of 1.07. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.91 and a current ratio of 4.52. Southern Copper Corporation has a fifty-two week low of $74.84 and a fifty-two week high of $218.81.

Southern Copper Increases Dividend

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

About Southern Copper

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.