Southern Copper Corporation $SCCO Shares Purchased by Meeder Asset Management Inc.

Meeder Asset Management Inc. boosted its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 21,331.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,787 shares of the basic materials company’s stock after buying an additional 8,746 shares during the quarter. Meeder Asset Management Inc.’s holdings in Southern Copper were worth $1,512,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. National Wealth Management Group LLC purchased a new stake in Southern Copper in the fourth quarter valued at $1,281,000. Nordea Investment Management AB grew 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 purchasing an additional 109,857 shares during the last quarter. Savvy Advisors Inc. purchased a new position in Southern Copper during the 4th quarter worth $1,434,000. Oak Harvest Investment Services acquired a new position in Southern Copper in the fourth quarter valued at $7,650,000. Finally, US Bancorp DE raised 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 buying an additional 10,360 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of SCCO opened at $175.20 on Tuesday. The company has a market capitalization of $144.73 billion, a PE ratio of 28.96, a P/E/G ratio of 1.47 and a beta of 1.11. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a 50-day simple moving average of $180.83 and a 200-day simple moving average of $182.47. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Shares of Southern Copper are set to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is 66.12%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SCCO. Barclays reissued an “underweight” rating and set a $160.00 price target (up from $148.00) on shares of Southern Copper in a report on Wednesday, July 15th. Wells Fargo & Company boosted their target price on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. UBS Group reissued a “sell” rating and issued a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. Finally, The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a research note on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $148.10.

Insider Activity at Southern Copper

In other 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 transaction of $35,564.00. Following the sale, the director owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 404 shares of company stock worth $74,108. 0.07% of the stock is owned by insiders.

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.