Bridgewater Associates LP cut its position in shares of Southern Copper Corporation (NYSE:SCCO) by 53.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,201 shares of the basic materials company’s stock after selling 100,594 shares during the quarter. Bridgewater Associates LP’s holdings in Southern Copper Corporation were worth $3,054,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in SCCO. Bessemer Group Inc. increased its stake in Southern Copper Corporation by 114.5% during the second quarter. Bessemer Group Inc. now owns 3,692 shares of the basic materials company’s stock worth $128,000 after acquiring an additional 1,971 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Southern Copper Corporation during the second quarter worth about $134,000. FNY Partners Fund LP acquired a new stake in shares of Southern Copper Corporation in the first quarter valued at about $145,000. Sit Investment Associates Inc. grew its stake in shares of Southern Copper Corporation by 68.8% in the second quarter. Sit Investment Associates Inc. now owns 5,400 shares of the basic materials company’s stock valued at $187,000 after buying an additional 2,200 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Southern Copper Corporation in the first quarter valued at about $202,000. Institutional investors own 6.05% of the company’s stock.
In other news, Chairman German Larrea Mota Velasco sold 504,800 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $39.51, for a total transaction of $19,944,648.00. Following the completion of the sale, the chairman now directly owns 2,972,297 shares of the company’s stock, valued at $117,435,454.47. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 900,670 shares of company stock valued at $35,575,771. 0.53% of the stock is currently owned by insiders.
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A number of equities research analysts have recently issued reports on SCCO shares. Barclays PLC increased their target price on Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a research note on Wednesday, August 9th. FBR & Co lowered their price objective on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, June 16th. HSBC Holdings plc downgraded Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 target price on the stock. in a report on Wednesday, August 16th. BidaskClub raised Southern Copper Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Finally, Cowen and Company reaffirmed a “hold” rating and set a $39.00 target price on shares of Southern Copper Corporation in a report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $36.29.
Shares of Southern Copper Corporation (SCCO) traded down 0.38% during trading on Friday, hitting $39.47. The company had a trading volume of 13,664 shares. The firm has a 50 day moving average of $39.91 and a 200 day moving average of $36.72. Southern Copper Corporation has a 12-month low of $25.46 and a 12-month high of $42.00. The stock has a market cap of $30.51 billion, a PE ratio of 31.03 and a beta of 0.55.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th were given a dividend of $0.14 per share. The ex-dividend date was Monday, August 7th. This is an increase from Southern Copper Corporation’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 1.41%. Southern Copper Corporation’s payout ratio is presently 43.75%.
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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