Mirae Asset Global Investments Co. Ltd. Raises Holdings in Southern Copper Corporation $SCCO

Mirae Asset Global Investments Co. Ltd. increased its position in Southern Copper Corporation (NYSE:SCCO) by 2,631.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,441 shares of the basic materials company’s stock after buying an additional 12,949 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Southern Copper were worth $1,631,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in shares of Southern Copper by 42.1% during the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares in the last quarter. Empowered Funds LLC increased its position in Southern Copper by 17.9% in the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after purchasing an additional 1,020 shares during the last quarter. Focus Partners Wealth raised its stake in Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares in the last quarter. Hilltop National Bank bought a new position in Southern Copper during the second quarter valued at $53,000. Finally, Ameritas Advisory Services LLC grew its stake in shares of Southern Copper by 23.1% in the 2nd quarter. Ameritas Advisory Services LLC now owns 4,312 shares of the basic materials company’s stock worth $436,000 after buying an additional 809 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Up 11.7%

Shares of SCCO opened at $215.35 on Wednesday. The firm has a fifty day moving average price of $159.63 and a 200-day moving average price of $130.31. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $174.91 billion, a P/E ratio of 45.15, a P/E/G ratio of 1.58 and a beta of 1.07. Southern Copper Corporation has a 12-month low of $74.84 and a 12-month high of $218.81.

Southern Copper’s stock is going to split on the morning of Tuesday, February 10th. The 1.0085-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Monday, February 9th.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Tuesday, February 10th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Tuesday, February 10th. Southern Copper’s dividend payout ratio is 75.47%.

Analysts Set New Price Targets

Several analysts have recently issued reports on SCCO shares. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Monday, December 29th. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. reissued an “underweight” rating and set a $117.50 target price (down previously from $119.50) on shares of Southern Copper in a research report on Friday, January 23rd. Itau BBA Securities lowered Southern Copper from a “market perform” rating to an “underperform” rating and set a $126.00 price target on the stock. in a report on Monday, December 22nd. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $156.00 price objective on shares of Southern Copper in a research note on Friday. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat, Southern Copper currently has a consensus rating of “Reduce” and a consensus price target of $137.65.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 400 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total transaction of $55,600.00. Following the transaction, the director directly owned 1,265 shares in the company, valued at $175,835. This trade represents a 24.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,248 shares of Southern Copper stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $211.34, for a total value of $1,954,472.32. Following the sale, the director directly owned 600 shares of the company’s stock, valued at approximately $126,804. This trade represents a 93.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 9,896 shares of company stock worth $2,044,542. Corporate insiders own 0.07% of the company’s stock.

Southern Copper 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.