Southern Copper Corporation $SCCO Shares Sold by Strs Ohio

Strs Ohio cut its stake in Southern Copper Corporation (NYSE:SCCO) by 13.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,430 shares of the basic materials company’s stock after selling 19,373 shares during the period. Strs Ohio’s holdings in Southern Copper were worth $21,754,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SCCO. National Wealth Management Group LLC acquired a new position in Southern Copper during the fourth quarter worth approximately $1,281,000. Nordea Investment Management AB grew its position in shares of Southern Copper by 74.0% during the fourth quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock worth $37,142,000 after acquiring an additional 109,857 shares during the last quarter. Oak Harvest Investment Services acquired a new position in shares of Southern Copper in the 4th quarter valued at $7,650,000. Savvy Advisors Inc. purchased a new stake in Southern Copper in the 4th quarter valued at $1,434,000. Finally, Schroder Investment Management Group boosted its stake in Southern Copper by 54.6% during the 3rd quarter. Schroder Investment Management Group now owns 505,284 shares of the basic materials company’s stock worth $61,321,000 after purchasing an additional 178,350 shares during the period. Institutional investors and hedge funds own 7.94% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Southern Copper in a research report on Wednesday, June 24th. Morgan Stanley raised their price target on Southern Copper from $155.00 to $160.00 and gave the stock an “underweight” rating in a report on Thursday, April 9th. Scotiabank restated an “underperform” rating and issued a $140.00 price target (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Barclays began coverage on Southern Copper in a research note on Thursday, May 21st. They set an “underweight” rating and a $148.00 price objective for the company. Finally, Wells Fargo & Company set a $171.00 target price on Southern Copper and gave the company an “equal weight” rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $147.19.

Southern Copper Trading Down 0.2%

Shares of Southern Copper stock opened at $171.73 on Friday. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The company’s 50-day simple moving average is $181.53 and its 200-day simple moving average is $179.84. The firm has a market cap of $141.86 billion, a price-to-earnings ratio of 28.39, a price-to-earnings-growth ratio of 1.55 and a beta of 1.11.

Southern Copper Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper’s payout ratio is currently 66.12%.

Insider Transactions at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director directly owned 1,807 shares of the company’s stock, valued at approximately $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 404 shares of company stock worth $74,108. Insiders own 0.07% of the company’s stock.

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.