Mirae Asset Global Investments Co. Ltd. Grows Position in Southern Copper Corporation $SCCO

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 2,631.9% during the third quarter, according to its most recent filing with the SEC. The firm owned 13,441 shares of the basic materials company’s stock after purchasing 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 reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Legal & General Group Plc increased its position in Southern Copper by 4.3% during the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock valued at $95,273,000 after buying an additional 38,856 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in Southern Copper in the third quarter worth about $2,976,000. Nordea Investment Management AB grew its stake in shares of Southern Copper by 5.7% during the third quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company’s stock worth $17,778,000 after acquiring an additional 7,995 shares during the last quarter. James Investment Research Inc. acquired a new position in shares of Southern Copper during the third quarter valued at about $791,000. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Southern Copper by 82.5% during the second quarter. SBI Securities Co. Ltd. now owns 5,085 shares of the basic materials company’s stock valued at $514,000 after acquiring an additional 2,298 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of SCCO stock opened at $215.35 on Wednesday. The stock has a market cap of $174.91 billion, a PE ratio of 45.15, a price-to-earnings-growth ratio of 1.58 and a beta of 1.07. The business has a 50-day simple moving average of $159.63 and a 200-day simple moving average of $130.31. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $218.81.

Shares of Southern Copper are going to split on the morning of Tuesday, February 10th. The 1.0085-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Monday, February 9th.

Southern Copper Increases Dividend

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

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 400 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $139.00, for a total transaction of $55,600.00. Following the sale, the director owned 1,265 shares of the company’s stock, valued at $175,835. This trade represents a 24.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lerdo De Tejada Leon Contreras sold 9,248 shares of Southern Copper stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $211.34, for a total transaction of $1,954,472.32. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 9,896 shares of company stock worth $2,044,542. Insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. UBS Group reiterated a “sell” rating and issued a $150.00 target price (up from $148.00) on shares of Southern Copper in a research note on Tuesday. Wells Fargo & Company set a $192.00 price objective on shares of Southern Copper and gave the stock an “equal weight” rating in a research note on Thursday, January 29th. Scotiabank reissued an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. HSBC restated a “hold” rating and issued a $118.00 target price (up previously from $105.00) on shares of Southern Copper in a research note on Friday, October 17th. Finally, Zacks Research cut Southern Copper from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $137.65.

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.