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

Mirae Asset Global Investments Co. Ltd. reduced its position in shares of Southern Copper Corporation (NYSE:SCCO) by 99.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 492 shares of the basic materials company’s stock after selling 73,382 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Southern Copper were worth $50,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SCCO. Cullen Frost Bankers Inc. lifted its position in shares of Southern Copper by 117.6% during the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 147 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Southern Copper during the 1st quarter worth $29,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Southern Copper during the 1st quarter worth $34,000. Quarry LP purchased a new stake in shares of Southern Copper during the 1st quarter worth $41,000. Finally, Twin Tree Management LP lifted its position in shares of Southern Copper by 583.5% during the 1st quarter. Twin Tree Management LP now owns 622 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 531 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Trading Down 4.3%

NYSE SCCO opened at $125.00 on Monday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The firm has a market cap of $100.51 billion, a PE ratio of 27.35, a P/E/G ratio of 1.26 and a beta of 1.02. Southern Copper Corporation has a one year low of $74.84 and a one year high of $136.49. The firm’s fifty day moving average is $106.49 and its two-hundred day moving average is $97.98.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 15th were paid a $1.01 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $0.62. This represents a $4.04 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, August 15th. Southern Copper’s dividend payout ratio (DPR) is presently 70.02%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Southern Copper in a research report on Wednesday, October 8th. Jefferies Financial Group set a $155.00 price target on shares of Southern Copper and gave the company a “buy” rating in a research report on Monday, October 6th. Wells Fargo & Company raised shares of Southern Copper to a “hold” rating in a research report on Wednesday, October 8th. UBS Group reissued a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Finally, The Goldman Sachs Group set a $89.00 price target on shares of Southern Copper and gave the company a “sell” rating in a research report on Wednesday, September 17th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $109.88.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of Southern Copper stock in a transaction on Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director directly owned 2,327 shares in the company, valued at approximately $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 1,228 shares of company stock valued at $123,102 in the last quarter. Insiders own 0.07% of the company’s stock.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.