DNB Asset Management AS Sells 14,273 Shares of Southern Copper Corporation $SCCO

DNB Asset Management AS reduced its holdings in Southern Copper Corporation (NYSE:SCCO) by 66.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,323 shares of the basic materials company’s stock after selling 14,273 shares during the quarter. DNB Asset Management AS’s holdings in Southern Copper were worth $889,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Royal Bank of Canada raised its holdings 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 worth $4,194,000 after buying an additional 13,293 shares during the period. Empowered Funds LLC increased its position in shares of Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after acquiring an additional 1,020 shares in the last quarter. Focus Partners Wealth raised its holdings 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 worth $556,000 after acquiring an additional 1,052 shares during the period. Envestnet Asset Management Inc. boosted its stake in Southern Copper by 7.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 31,674 shares of the basic materials company’s stock worth $3,205,000 after purchasing an additional 2,330 shares during the period. Finally, Bessemer Group Inc. increased its holdings in Southern Copper by 3,100.0% during the 2nd quarter. Bessemer Group Inc. now owns 480 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 465 shares in the last quarter. 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. Zacks Research lowered Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Wall Street Zen cut Southern Copper from a “buy” rating to a “hold” rating in a research note on Sunday. Morgan Stanley reaffirmed an “underweight” rating and set a $154.69 price target on shares of Southern Copper in a research report on Friday, January 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Southern Copper in a report on Monday, December 29th. Finally, Bank of America cut shares of Southern Copper from a “neutral” rating to an “underperform” rating and increased their target price for the stock from $162.00 to $175.00 in a report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and eight have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $139.99.

Southern Copper Price Performance

NYSE:SCCO opened at $206.44 on Wednesday. The stock has a market capitalization of $167.67 billion, a PE ratio of 38.80, a P/E/G ratio of 2.26 and a beta of 1.03. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $223.88. The firm has a fifty day simple moving average of $183.64 and a 200 day simple moving average of $144.27. 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 firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $4.00 annualized dividend and a yield of 1.9%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s payout ratio is 75.19%.

Insider Buying and Selling

In other Southern Copper news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’s stock in a transaction 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 transaction, the director directly owned 605 shares in the company, valued at $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.07% of the stock is currently owned by company insiders.

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.