Southern Copper Corporation $SCCO Shares Sold by Jennison Associates LLC

Jennison Associates LLC decreased its position in Southern Copper Corporation (NYSE:SCCO) by 10.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 381,089 shares of the basic materials company’s stock after selling 43,085 shares during the period. Jennison Associates LLC’s holdings in Southern Copper were worth $65,570,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Royal Bank of Canada increased its stake in shares of 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 purchasing an additional 13,293 shares in the last quarter. Empowered Funds LLC raised its holdings in 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 purchasing an additional 1,020 shares during the period. Focus Partners Wealth boosted its position in Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after purchasing an additional 1,052 shares in the last quarter. First Trust Advisors LP boosted its position in 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 worth $7,424,000 after purchasing an additional 19,957 shares in the last quarter. Finally, Baird Financial Group Inc. grew its holdings in Southern Copper by 17.7% in the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock valued at $492,000 after purchasing an additional 731 shares during the period. Institutional investors and hedge funds own 7.94% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SCCO. Wells Fargo & Company boosted their price objective on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Barclays reiterated an “underweight” rating and set a $160.00 target price (up from $148.00) on shares of Southern Copper in a research report on Wednesday. Morgan Stanley lifted their price target on shares of Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a research note on Wednesday, July 8th. Scotiabank reissued an “underperform” rating and issued a $140.00 price target (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Finally, Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $148.10.

Southern Copper Stock Down 0.2%

Shares of NYSE SCCO opened at $172.22 on Monday. The stock has a market cap of $142.26 billion, a PE ratio of 28.47, a P/E/G ratio of 1.47 and a beta of 1.11. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The company has a 50-day moving average of $181.03 and a 200 day moving average of $182.26.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a dividend yield of 2.6%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is presently 66.12%.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 404 shares of company stock valued at $74,108 in the last ninety days. 0.07% of the stock is owned by corporate insiders.

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.