Pictet Asset Management Holding SA Has $24.39 Million Holdings in Southern Copper Corporation $SCCO

Pictet Asset Management Holding SA cut its stake in Southern Copper Corporation (NYSE:SCCO) by 19.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,725 shares of the basic materials company’s stock after selling 34,319 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Southern Copper were worth $24,385,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Royal Bank of Canada raised its position in Southern Copper by 42.1% in the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after buying an additional 13,293 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after acquiring an additional 1,020 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Southern Copper by 21.5% in the first 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 last quarter. First Trust Advisors LP lifted its position in shares of Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after purchasing an additional 19,957 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in shares of Southern Copper by 17.7% in the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after buying an additional 731 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. This represents a 9.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 404 shares of company stock valued at $74,108. Corporate insiders own 0.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SCCO shares. Barclays started coverage on shares of Southern Copper in a research report on Thursday, May 21st. They set an “underweight” rating and a $148.00 price target for the company. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a research note on Friday, April 10th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Southern Copper in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have given a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and a consensus price target of $147.19.

Southern Copper Stock Performance

NYSE:SCCO opened at $168.71 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The firm has a market cap of $139.36 billion, a price-to-earnings ratio of 27.89, a PEG ratio of 1.57 and a beta of 1.12. The business’s fifty day moving average is $182.09 and its 200 day moving average is $179.68.

Southern Copper Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper’s dividend payout ratio is 66.12%.

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.