Allspring Global Investments Holdings LLC Trims Stock Holdings in Southern Copper Corporation $SCCO

Allspring Global Investments Holdings LLC lowered its position in shares of Southern Copper Corporation (NYSE:SCCO) by 27.1% in the first quarter, HoldingsChannel.com reports. The fund owned 334,211 shares of the basic materials company’s stock after selling 124,024 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Southern Copper were worth $59,473,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. SHP Wealth Management purchased a new position in shares of Southern Copper in the fourth quarter worth about $25,000. Lloyd Advisory Services LLC. acquired a new stake in Southern Copper during the 4th quarter valued at approximately $29,000. Virtus Advisers LLC acquired a new stake in Southern Copper during the 4th quarter valued at approximately $29,000. Godfrey Financial Associates Inc. purchased a new stake in shares of Southern Copper in the 4th quarter valued at $30,000. Finally, IFP Advisors Inc boosted its holdings in shares of Southern Copper by 233.3% in the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Transactions at Southern Copper

In other Southern Copper 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 transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 404 shares of company stock worth $74,108 in the last quarter. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent research reports. Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. UBS Group reaffirmed a “sell” rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. JPMorgan Chase & Co. increased their price target on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a research report on Wednesday, June 17th. Wells Fargo & Company lifted their price objective on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Finally, Barclays reissued an “underweight” rating and issued a $160.00 price objective (up from $148.00) on shares of Southern Copper in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and an average price target of $148.10.

Southern Copper Stock Performance

SCCO opened at $172.22 on Friday. The firm has a fifty day moving average price of $181.03 and a 200 day moving average price of $181.99. Southern Copper Corporation has a 1 year low of $88.73 and a 1 year high of $223.88. The stock has a market cap of $142.26 billion, a P/E ratio of 28.47, a P/E/G ratio of 1.47 and a beta of 1.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89.

Southern Copper Dividend Announcement

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

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.