Southern Copper Corporation $SCCO Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 10.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 381,089 shares of the basic materials company’s stock after selling 43,085 shares during the quarter. Jennison Associates LLC’s holdings in Southern Copper were worth $65,570,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SCCO. National Wealth Management Group LLC purchased a new position in Southern Copper in the 4th quarter worth $1,281,000. Nordea Investment Management AB lifted its position in Southern Copper by 74.0% during the 4th quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock worth $37,142,000 after acquiring an additional 109,857 shares during the period. Oak Harvest Investment Services purchased a new stake in Southern Copper during the 4th quarter valued at about $7,650,000. Savvy Advisors Inc. purchased a new stake in Southern Copper during the 4th quarter valued at about $1,434,000. Finally, US Bancorp DE increased its holdings in shares of Southern Copper by 16.2% in the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after purchasing an additional 10,360 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Upgrades and Downgrades

SCCO has been the subject of several research analyst reports. Citigroup restated a “positive” rating on shares of Southern Copper in a research note on Wednesday. Weiss Ratings downgraded shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 8th. Barclays reissued an “underweight” rating and set a $160.00 price target (up from $148.00) on shares of Southern Copper in a research report on Wednesday. Scotiabank restated an “underperform” rating and set a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Finally, Morgan Stanley upped their price objective on shares of Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $148.10.

Insider Transactions at Southern Copper

In other Southern Copper 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 completion of the transaction, the director directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 404 shares of company stock valued at $74,108 over the last three months. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of SCCO stock opened at $172.22 on Monday. The stock has a market cap of $142.26 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 1.47 and a beta of 1.11. The business has a 50-day simple moving average of $181.03 and a 200-day simple moving average of $182.26. 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 Corporation has a 52-week low of $88.73 and a 52-week high of $223.88.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, August 11th. Southern Copper’s dividend payout ratio (DPR) is 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.