US Bancorp DE Decreases Position in Southern Copper Corporation $SCCO

US Bancorp DE lessened its holdings in Southern Copper Corporation (NYSE:SCCO) by 3.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,352 shares of the basic materials company’s stock after selling 2,075 shares during the quarter. US Bancorp DE’s holdings in Southern Copper were worth $5,195,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Independent Solutions Wealth Management LLC raised its position in Southern Copper by 1.1% in the 2nd quarter. Independent Solutions Wealth Management LLC now owns 22,938 shares of the basic materials company’s stock worth $2,321,000 after purchasing an additional 255 shares during the period. KLP Kapitalforvaltning AS raised its position in Southern Copper by 1.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 36,537 shares of the basic materials company’s stock worth $3,696,000 after purchasing an additional 357 shares during the period. Tyche Wealth Partners LLC increased its position in shares of Southern Copper by 1.0% in the second quarter. Tyche Wealth Partners LLC now owns 20,148 shares of the basic materials company’s stock valued at $2,038,000 after acquiring an additional 197 shares during the period. Prime Capital Investment Advisors LLC increased its position in shares of Southern Copper by 10.6% in the second quarter. Prime Capital Investment Advisors LLC now owns 6,216 shares of the basic materials company’s stock valued at $629,000 after acquiring an additional 595 shares during the period. Finally, Capital Advisors Inc. OK increased its position in shares of Southern Copper by 1.3% in the second quarter. Capital Advisors Inc. OK now owns 277,035 shares of the basic materials company’s stock valued at $28,028,000 after acquiring an additional 3,449 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the sale, the director owned 2,327 shares of the company’s stock, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 1,228 shares of company stock worth $123,102 over the last 90 days. Insiders own 0.07% of the company’s stock.

Southern Copper Trading Up 6.5%

Shares of SCCO opened at $133.18 on Tuesday. The firm’s 50-day moving average price is $107.29 and its 200-day moving average price is $98.25. The firm has a market capitalization of $107.08 billion, a price-to-earnings ratio of 29.14, a PEG ratio of 1.26 and a beta of 1.02. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 1-year low of $74.84 and a 1-year high of $136.49.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 15th were paid a dividend of $1.01 per share. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from Southern Copper’s previous quarterly dividend of $0.62. This represents a $4.04 annualized dividend and a yield of 3.0%. Southern Copper’s payout ratio is presently 70.02%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SCCO shares. JPMorgan Chase & Co. boosted their price objective on shares of Southern Copper from $79.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group set a $89.00 price objective on shares of Southern Copper and gave the company a “sell” rating in a research report on Wednesday, September 17th. Wells Fargo & Company upgraded shares of Southern Copper to a “hold” rating in a research report on Wednesday, October 8th. UBS Group restated a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Finally, Citigroup reaffirmed a “sell” rating and set a $108.00 target price (up previously from $89.10) on shares of Southern Copper in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $109.88.

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.