Pictet Asset Management Holding SA Has $24.39 Million Stake in Southern Copper Corporation $SCCO

Pictet Asset Management Holding SA reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 19.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,725 shares of the basic materials company’s stock after selling 34,319 shares during the period. Pictet Asset Management Holding SA’s holdings in Southern Copper were worth $24,385,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. SHP Wealth Management bought a new position in Southern Copper in the 4th quarter valued at approximately $25,000. Lloyd Advisory Services LLC. bought a new position in shares of Southern Copper in the 4th quarter valued at $29,000. Virtus Advisers LLC acquired a new stake in shares of Southern Copper during the 4th quarter valued at $29,000. Godfrey Financial Associates Inc. bought a new stake in Southern Copper during the 4th quarter worth $30,000. Finally, IFP Advisors Inc raised its position in Southern Copper by 233.3% in the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 161 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SCCO shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Southern Copper in a research note on Wednesday, June 24th. JPMorgan Chase & Co. lifted their target price on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Wells Fargo & Company set a $171.00 price target on Southern Copper and gave the company an “equal weight” rating in a research note on Friday, May 1st. Scotiabank reaffirmed an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Finally, The Goldman Sachs Group upgraded 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. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $147.19.

Insiders Place Their Bets

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 404 shares of company stock valued at $74,108 over the last ninety days. Insiders own 0.07% of the company’s stock.

Southern Copper Trading Down 3.2%

NYSE SCCO opened at $168.71 on Thursday. The stock has a market capitalization of $139.36 billion, a P/E ratio of 27.89, a P/E/G ratio of 1.57 and a beta of 1.12. Southern Copper Corporation has a one year low of $88.73 and a one year high of $223.88. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The business has a 50 day simple moving average of $182.09 and a 200 day simple moving average of $179.68.

Southern Copper Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Wednesday, May 13th. Southern Copper’s dividend payout ratio (DPR) is presently 66.12%.

Southern Copper Company Profile

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.