D.A. Davidson & CO. Sells 11,333 Shares of Southern Copper Corporation $SCCO

D.A. Davidson & CO. trimmed its position in Southern Copper Corporation (NYSE:SCCO) by 33.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 22,305 shares of the basic materials company’s stock after selling 11,333 shares during the period. D.A. Davidson & CO.’s holdings in Southern Copper were worth $3,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in SCCO. National Wealth Management Group LLC acquired a new stake in Southern Copper in the 4th quarter worth about $1,281,000. Nordea Investment Management AB grew its position in shares of Southern Copper by 74.0% during the 4th quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock worth $37,142,000 after purchasing an additional 109,857 shares in the last quarter. Oak Harvest Investment Services acquired a new position in shares of Southern Copper during the 4th quarter worth approximately $7,650,000. Savvy Advisors Inc. bought a new position in shares of Southern Copper during the fourth quarter worth approximately $1,434,000. Finally, US Bancorp DE increased its holdings in shares of Southern Copper by 16.2% during the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock worth $10,687,000 after purchasing an additional 10,360 shares during the period. Institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SCCO shares. JPMorgan Chase & Co. boosted their price target on Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. UBS Group restated a “sell” rating and set a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. Scotiabank reaffirmed an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Citigroup reiterated a “positive” rating on shares of Southern Copper in a research report on Wednesday. Finally, The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price on the stock in a report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, Southern Copper has a consensus rating of “Reduce” and an average price target of $148.10.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were 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 in the company, valued at $321,320.74. This represents a 9.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders have sold 404 shares of company stock worth $74,108. 0.07% of the stock is owned by corporate insiders.

Southern Copper Stock Down 0.2%

Shares of NYSE SCCO opened at $172.22 on Monday. The company has a market cap of $142.26 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 1.47 and a beta of 1.11. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 12 month low of $88.73 and a 12 month high of $223.88. The stock has a 50-day moving average price of $181.03 and a two-hundred day moving average price of $182.26.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.6%. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is currently 66.12%.

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.