US Bancorp DE Sells 5,341 Shares of Southern Copper Co. (NYSE:SCCO)

Posted by Defense World Staff on Aug 18th, 2023

US Bancorp DE trimmed its position in shares of Southern Copper Co. (NYSE:SCCO – Free Report) by 10.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,503 shares of the basic materials company’s stock after selling 5,341 shares during the period. US Bancorp DE’s holdings in Southern Copper were worth $3,470,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Venture Visionary Partners LLC boosted its position in Southern Copper by 32.3% in the 1st quarter. Venture Visionary Partners LLC now owns 23,091 shares of the basic materials company’s stock valued at $1,761,000 after buying an additional 5,639 shares during the period. Neo Ivy Capital Management purchased a new stake in Southern Copper in the 4th quarter valued at about $122,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Southern Copper in the 1st quarter valued at about $205,000. Clearview Wealth Advisors LLC purchased a new stake in shares of Southern Copper in the 1st quarter worth approximately $26,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Southern Copper in the 1st quarter worth approximately $25,672,000. 7.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Southern Copper from $53.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Friday, April 21st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Southern Copper from $55.00 to $56.00 in a research report on Wednesday, May 3rd. Morgan Stanley upped their price target on shares of Southern Copper from $67.00 to $74.00 in a research report on Wednesday, June 21st. JPMorgan Chase & Co. upped their price target on shares of Southern Copper from $52.50 to $55.50 and gave the stock an “underweight” rating in a research report on Thursday. Finally, StockNews.com started coverage on shares of Southern Copper in a research report on Thursday. They set a “buy” rating for the company. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Southern Copper has an average rating of “Hold” and a consensus price target of $61.94.

Get Our Latest Stock Analysis on Southern Copper

Insider Buying and Selling at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 500 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $70.21, for a total transaction of $35,105.00. Following the transaction, the director now owns 5,514 shares in the company, valued at approximately $387,137.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 500 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $70.21, for a total transaction of $35,105.00. Following the transaction, the director now owns 5,514 shares in the company, valued at approximately $387,137.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sanchez Mejorada Enri Castillo sold 2,400 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $81.56, for a total transaction of $195,744.00. Following the transaction, the director now owns 3,200 shares in the company, valued at approximately $260,992. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,400 shares of company stock worth $274,404. 0.08% of the stock is owned by corporate insiders.

Southern Copper Trading Down 0.4 %

Shares of Southern Copper stock opened at $79.95 on Friday. The company has a current ratio of 4.50, a quick ratio of 3.57 and a debt-to-equity ratio of 0.79. Southern Copper Co. has a 12-month low of $42.42 and a 12-month high of $87.59. The firm has a market capitalization of $61.81 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 19.34 and a beta of 1.26. The firm’s 50 day simple moving average is $77.06 and its two-hundred day simple moving average is $74.93.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, August 9th will be paid a dividend of $1.00 per share. This is a positive change from Southern Copper’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $4.00 dividend on an annualized basis and a yield of 5.00%. Southern Copper’s dividend payout ratio is presently 111.11%.

About Southern Copper

(Free Report)

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.