Southern Copper Corporation (SCCO) Shares Sold by Bank of Montreal Can
Bank of Montreal Can decreased its stake in Southern Copper Corporation (NYSE:SCCO) by 15.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,253 shares of the basic materials company’s stock after selling 8,949 shares during the period. Bank of Montreal Can’s holdings in Southern Copper Corporation were worth $1,706,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in SCCO. Sit Investment Associates Inc. increased its position in shares of Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock valued at $115,000 after buying an additional 400 shares during the last quarter. Tobam increased its position in shares of Southern Copper Corporation by 1,003.8% in the first quarter. Tobam now owns 3,223 shares of the basic materials company’s stock valued at $116,000 after buying an additional 2,931 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of Southern Copper Corporation during the first quarter valued at $145,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Southern Copper Corporation during the first quarter valued at $202,000. Finally, Investec Asset Management LTD acquired a new position in shares of Southern Copper Corporation during the first quarter valued at $207,000. 6.34% of the stock is owned by institutional investors and hedge funds.
Southern Copper Corporation (NYSE SCCO) traded down 1.15% on Tuesday, reaching $38.66. The company had a trading volume of 179,747 shares. Southern Copper Corporation has a 52-week low of $24.90 and a 52-week high of $39.94. The company has a market capitalization of $29.89 billion, a PE ratio of 30.39 and a beta of 0.55. The company’s 50-day moving average is $37.44 and its 200-day moving average is $36.29.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 7th. This is a boost from Southern Copper Corporation’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 1.43%. Southern Copper Corporation’s payout ratio is currently 43.75%.
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Several brokerages have recently weighed in on SCCO. Barclays PLC upped their target price on Southern Copper Corporation from $33.00 to $35.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 9th. Cowen and Company reissued a “hold” rating and issued a $39.00 price objective on shares of Southern Copper Corporation in a research note on Wednesday, July 19th. BidaskClub raised Southern Copper Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, FBR & Co reduced 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. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $33.78.
In related news, Chairman German Larrea Mota Velasco sold 25,070 shares of Southern Copper Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $39.50, for a total transaction of $990,265.00. Following the completion of the transaction, the chairman now directly owns 3,477,097 shares of the company’s stock, valued at $137,345,331.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 900,670 shares of company stock valued at $35,575,771. 0.53% of the stock is currently owned by insiders.
Southern Copper Corporation Company Profile
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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