Credit Suisse AG Has $14.21 Million Position in Southern Copper Corporation (NYSE:SCCO)
Credit Suisse AG boosted its position in shares of Southern Copper Corporation (NYSE:SCCO) by 4.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 396,048 shares of the basic materials company’s stock after buying an additional 15,945 shares during the period. Credit Suisse AG owned about 0.05% of Southern Copper Corporation worth $14,214,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in Southern Copper Corporation by 406.0% in the first quarter. JPMorgan Chase & Co. now owns 108,608 shares of the basic materials company’s stock valued at $3,899,000 after buying an additional 87,142 shares during the period. Denali Advisors LLC boosted its stake in Southern Copper Corporation by 6.8% in the first quarter. Denali Advisors LLC now owns 558,500 shares of the basic materials company’s stock valued at $20,045,000 after buying an additional 35,397 shares during the period. M&T Bank Corp boosted its stake in Southern Copper Corporation by 1.4% in the first quarter. M&T Bank Corp now owns 29,912 shares of the basic materials company’s stock valued at $1,073,000 after buying an additional 400 shares during the period. Sit Investment Associates Inc. boosted its stake in Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock valued at $115,000 after buying an additional 400 shares during the period. Finally, BlueCrest Capital Management Ltd acquired a new position in Southern Copper Corporation during the first quarter valued at about $272,000. Institutional investors own 6.31% of the company’s stock.
Shares of Southern Copper Corporation (SCCO) traded down 1.83% during mid-day trading on Friday, reaching $38.72. The company’s stock had a trading volume of 1,088,320 shares. The firm’s 50 day moving average is $36.32 and its 200-day moving average is $36.13. The company has a market capitalization of $29.93 billion, a PE ratio of 30.44 and a beta of 0.55. Southern Copper Corporation has a 52-week low of $24.90 and a 52-week high of $39.94.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, August 9th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Monday, August 7th. This is a boost from Southern Copper Corporation’s previous quarterly dividend of $0.12. Southern Copper Corporation’s dividend payout ratio is 40.68%.
Several research analysts have issued reports on SCCO shares. Cowen and Company reiterated a “hold” rating on shares of Southern Copper Corporation in a research report on Tuesday, April 11th. FBR & Co cut their price objective on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, June 16th. Finally, BidaskClub raised Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $33.53.
In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 235,800 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $39.51, for a total transaction of $9,316,458.00. Following the completion of the transaction, the chairman now owns 3,502,167 shares in the company, valued at approximately $138,370,618.17. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 900,670 shares of company stock valued at $35,575,771. Corporate insiders own 0.53% of the company’s stock.
About Southern Copper Corporation
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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