United Capital Financial Advisers LLC reduced its holdings in Southern Copper Co. (NYSE:SCCO – Get Rating) by 95.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,930 shares of the basic materials company’s stock after selling 125,950 shares during the period. United Capital Financial Advisers LLC’s holdings in Southern Copper were worth $266,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P acquired a new stake in Southern Copper in the 1st quarter valued at $29,000. American Research & Management Co. grew its position in shares of Southern Copper by 42.3% in the 3rd quarter. American Research & Management Co. now owns 740 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 220 shares during the period. Private Trust Co. NA bought a new position in shares of Southern Copper in the 2nd quarter valued at about $34,000. Fifth Third Bancorp grew its position in shares of Southern Copper by 69.6% in the 3rd quarter. Fifth Third Bancorp now owns 782 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 321 shares during the period. Finally, CoreCap Advisors LLC bought a new position in shares of Southern Copper in the 2nd quarter valued at about $38,000. 7.03% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. Grupo Santander raised shares of Southern Copper from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $60.00 to $69.00 in a research report on Monday, November 28th. UBS Group lifted their price objective on shares of Southern Copper from $48.00 to $51.00 and gave the company a “sell” rating in a research report on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Southern Copper from $45.00 to $50.00 in a report on Tuesday, January 10th. Wolfe Research raised shares of Southern Copper from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 11th. Finally, Barclays lifted their target price on shares of Southern Copper from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Southern Copper currently has an average rating of “Hold” and a consensus target price of $57.86.
Southern Copper Stock Performance
Southern Copper Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 14th were issued a $1.00 dividend. The ex-dividend date of this dividend was Monday, February 13th. This represents a $4.00 dividend on an annualized basis and a yield of 5.51%. This is an increase from Southern Copper’s previous quarterly dividend of $0.50. Southern Copper’s payout ratio is currently 116.96%.
Insider Buying and Selling at Southern Copper
In other Southern Copper news, Director Andreve Vicente Ariztegui sold 1,500 shares of the business’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $76.11, for a total value of $114,165.00. Following the completion of the sale, the director now owns 4,400 shares of the company’s stock, valued at approximately $334,884. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.
About Southern Copper
Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations, Mexican Open-Pit Operations, and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.
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