Southern Copper Corporation (SCCO) Position Trimmed by Synovus Financial Corp

Synovus Financial Corp trimmed its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 10.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,000 shares of the basic materials company’s stock after selling 1,000 shares during the quarter. Synovus Financial Corp’s holdings in Southern Copper Corporation were worth $312,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Southern Copper Corporation by 3.6% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,820 shares of the basic materials company’s stock valued at $202,000 after acquiring an additional 200 shares during the last quarter. Hansberger Growth Investors LP increased its position in shares of Southern Copper Corporation by 0.6% during the first quarter. Hansberger Growth Investors LP now owns 53,140 shares of the basic materials company’s stock valued at $1,907,000 after acquiring an additional 300 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Southern Copper Corporation by 3.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,827 shares of the basic materials company’s stock valued at $353,000 after acquiring an additional 359 shares during the last quarter. M&T Bank Corp increased its position in shares of Southern Copper Corporation by 1.4% during the first quarter. M&T Bank Corp now owns 29,912 shares of the basic materials company’s stock valued at $1,073,000 after acquiring an additional 400 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Southern Copper Corporation by 7.1% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 7,507 shares of the basic materials company’s stock valued at $260,000 after acquiring an additional 500 shares during the last quarter. 6.05% of the stock is owned by institutional investors.

In other news, Chairman German Larrea Mota Velasco sold 504,800 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $39.51, for a total value of $19,944,648.00. Following the completion of the sale, the chairman now directly owns 2,972,297 shares in the company, valued at approximately $117,435,454.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 900,670 shares of company stock valued at $35,575,771 over the last 90 days. 0.53% of the stock is currently owned by company insiders.

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SCCO has been the subject of a number of research analyst reports. FBR & Co decreased their price target on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, June 16th. Cowen and Company reissued a “hold” rating and set a $39.00 price objective on shares of Southern Copper Corporation in a report on Wednesday, July 19th. BidaskClub raised Southern Copper Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. HSBC Holdings plc lowered Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a report on Wednesday, August 16th. Finally, Barclays PLC increased their price objective on Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Southern Copper Corporation currently has a consensus rating of “Hold” and a consensus target price of $36.29.

Southern Copper Corporation (SCCO) opened at 39.11 on Friday. The stock has a 50 day moving average price of $39.91 and a 200-day moving average price of $36.72. Southern Copper Corporation has a 12-month low of $25.46 and a 12-month high of $42.00. The company has a market capitalization of $30.23 billion, a price-to-earnings ratio of 30.75 and a beta of 0.55.

About Southern Copper Corporation

Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.

Institutional Ownership by Quarter for Southern Copper Corporation (NYSE:SCCO)

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