HighTower Advisors LLC Takes Position in Southern Copper Corporation (NYSE:SCCO)

HighTower Advisors LLC purchased a new position in Southern Copper Corporation (NYSE:SCCO) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,185 shares of the basic materials company’s stock, valued at approximately $221,000.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. increased its stake in Southern Copper Corporation by 3,278.5% in the first quarter. BlackRock Inc. now owns 7,789,950 shares of the basic materials company’s stock worth $279,583,000 after buying an additional 7,559,379 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Southern Copper Corporation during the first quarter worth about $57,717,000. Capital Growth Management LP bought a new stake in Southern Copper Corporation during the first quarter worth about $45,580,000. Prudential Financial Inc. increased its stake in Southern Copper Corporation by 4,012.9% in the first quarter. Prudential Financial Inc. now owns 529,289 shares of the basic materials company’s stock worth $18,997,000 after buying an additional 516,420 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in Southern Copper Corporation by 310.9% in the fourth quarter. Teachers Advisors LLC now owns 533,389 shares of the basic materials company’s stock worth $17,036,000 after buying an additional 403,571 shares during the last quarter. Institutional investors and hedge funds own 6.34% of the company’s stock.

Southern Copper Corporation (SCCO) traded up 0.26% on Friday, hitting $39.12. 704,030 shares of the stock were exchanged. The company has a market cap of $30.24 billion, a P/E ratio of 30.75 and a beta of 0.55. Southern Copper Corporation has a one year low of $24.90 and a one year high of $40.23. The company’s 50 day moving average price is $37.83 and its 200-day moving average price is $36.33.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be given a $0.14 dividend. This is a boost from Southern Copper Corporation’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Monday, August 7th. Southern Copper Corporation’s dividend payout ratio (DPR) is 43.75%.

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SCCO has been the subject of a number of recent analyst reports. Cowen and Company restated a “hold” rating and issued a $39.00 target price on shares of Southern Copper Corporation in a report on Wednesday, July 19th. BidaskClub upgraded shares of Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Barclays PLC boosted their target price on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a report on Wednesday, August 9th. HSBC Holdings plc downgraded shares of Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 target price for the company. in a report on Wednesday. Finally, FBR & Co decreased their price objective on shares of Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $34.97.

In related news, Chairman German Larrea Mota Velasco sold 135,000 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $39.44, for a total value of $5,324,400.00. Following the completion of the transaction, the chairman now directly owns 3,737,967 shares of the company’s stock, valued at $147,425,418.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 900,670 shares of company stock valued at $35,575,771. 0.53% of the stock is owned by company insiders.

Southern Copper Corporation Company Profile

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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