Southern Copper Corporation $SCCO Shares Acquired by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S grew its holdings in Southern Copper Corporation (NYSE:SCCO) by 15.0% during the first quarter, HoldingsChannel reports. The fund owned 56,027 shares of the basic materials company’s stock after purchasing an additional 7,305 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Southern Copper were worth $9,640,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada boosted its holdings in shares of Southern Copper by 42.1% in the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after buying an additional 13,293 shares in the last quarter. Empowered Funds LLC raised its stake in Southern Copper by 17.9% during the 1st 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 stake in Southern Copper by 21.5% during the 1st 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 in the last quarter. First Trust Advisors LP lifted its position in Southern Copper by 37.4% in the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after acquiring an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its position in Southern Copper by 17.7% in the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock valued at $492,000 after acquiring an additional 731 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director owned 1,807 shares of the company’s stock, valued at approximately $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 404 shares of company stock valued at $74,108 over the last quarter. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of SCCO stock opened at $192.98 on Monday. The stock has a market capitalization of $159.41 billion, a PE ratio of 31.90, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The stock’s 50-day moving average price is $184.81 and its 200 day moving average price is $177.71. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Wednesday, May 13th. Southern Copper’s dividend payout ratio (DPR) is 66.12%.

Analysts Set New Price Targets

Several research firms have issued reports on SCCO. Wells Fargo & Company set a $171.00 price objective on shares of Southern Copper and gave the company an “equal weight” rating in a research note on Friday, May 1st. Morgan Stanley lifted their target price on Southern Copper from $155.00 to $160.00 and gave the stock an “underweight” rating in a research report on Thursday, April 9th. UBS Group boosted their target price on Southern Copper from $140.00 to $145.00 and gave the company a “sell” rating in a report on Thursday, May 21st. Bank of America cut Southern Copper from a “neutral” rating to an “underperform” rating and upped their target price for the company from $162.00 to $175.00 in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target on the stock in a research note on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $145.94.

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.