US Bancorp DE Has $7.78 Million Stake in Southern Copper Corporation $SCCO

US Bancorp DE increased its position in shares of Southern Copper Corporation (NYSE:SCCO) by 24.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,124 shares of the basic materials company’s stock after buying an additional 12,772 shares during the quarter. US Bancorp DE’s holdings in Southern Copper were worth $7,782,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SCCO. Royal Bank of Canada lifted its holdings in shares of Southern Copper by 42.1% during the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares during the period. Empowered Funds LLC boosted its holdings in Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares in the last quarter. Focus Partners Wealth grew its stake in shares of Southern Copper by 21.5% in the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Southern Copper by 7.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 31,674 shares of the basic materials company’s stock worth $3,205,000 after buying an additional 2,330 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Southern Copper by 3,100.0% during the 2nd quarter. Bessemer Group Inc. now owns 480 shares of the basic materials company’s stock worth $49,000 after buying an additional 465 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Trading Up 1.0%

Shares of Southern Copper stock opened at $217.88 on Monday. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $223.89. The company has a market capitalization of $176.96 billion, a price-to-earnings ratio of 40.96, a P/E/G ratio of 2.25 and a beta of 1.03. The business has a fifty day simple moving average of $180.98 and a two-hundred day simple moving average of $142.63. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Tuesday, February 10th. This is a boost from Southern Copper’s previous quarterly dividend of $0.90. Southern Copper’s dividend payout ratio (DPR) is currently 75.19%.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 403 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total value of $55,544.87. Following the completion of the transaction, the director owned 1,275 shares of the company’s stock, valued at $175,731.28. This represents a 24.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the sale, the director owned 605 shares of the company’s stock, valued at $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.07% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on SCCO. Morgan Stanley reiterated an “underweight” rating and issued a $154.69 price target on shares of Southern Copper in a research report on Friday, January 30th. Bank of America downgraded shares of Southern Copper from a “neutral” rating to an “underperform” rating and lifted their price target for the company from $162.00 to $175.00 in a report on Thursday. Itau BBA Securities lowered shares of Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 price target on the stock. in a research report on Monday, December 22nd. The Goldman Sachs Group reaffirmed a “sell” rating and set a $127.91 price target on shares of Southern Copper in a report on Wednesday, January 14th. Finally, Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Sunday. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $139.99.

About Southern Copper

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.