Bayforest Capital Ltd Sells 2,527 Shares of Southern Copper Corporation $SCCO

Bayforest Capital Ltd decreased its position in shares of Southern Copper Corporation (NYSE:SCCO) by 41.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,541 shares of the basic materials company’s stock after selling 2,527 shares during the quarter. Bayforest Capital Ltd’s holdings in Southern Copper were worth $358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in SCCO. Jacobs Levy Equity Management Inc. bought a new position in Southern Copper during the 1st quarter worth $40,338,000. Nuveen LLC acquired a new stake in Southern Copper in the first quarter valued at about $34,086,000. JPMorgan Chase & Co. boosted its stake in Southern Copper by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock valued at $145,039,000 after buying an additional 322,935 shares in the last quarter. Jennison Associates LLC acquired a new stake in Southern Copper in the first quarter valued at about $25,739,000. Finally, Strs Ohio acquired a new stake in shares of Southern Copper during the first quarter valued at about $15,382,000. Institutional investors own 7.94% of the company’s stock.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 1,228 shares of company stock valued at $123,102 over the last 90 days. 0.07% of the stock is currently owned by insiders.

Southern Copper Stock Up 1.1%

SCCO stock opened at $132.17 on Thursday. The stock’s fifty day simple moving average is $108.75 and its two-hundred day simple moving average is $98.71. 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. The stock has a market cap of $106.28 billion, a P/E ratio of 28.92, a P/E/G ratio of 1.31 and a beta of 1.02.

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 given a $1.01 dividend. 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 3.1%. The ex-dividend date of this dividend was Friday, August 15th. Southern Copper’s payout ratio is presently 70.02%.

Analysts Set New Price Targets

A number of brokerages have recently commented on SCCO. Weiss Ratings reissued a “buy (b-)” rating on shares of Southern Copper in a research note on Wednesday, October 8th. Morgan Stanley set a $132.00 target price on Southern Copper and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, September 3rd. Wells Fargo & Company upgraded Southern Copper to a “hold” rating in a report on Wednesday, October 8th. Finally, UBS Group restated a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and an average price target 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.