HSBC Holdings plc cut shares of Southern Copper Corporation (NYSE:SCCO) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. HSBC Holdings plc currently has $41.00 price target on the basic materials company’s stock.
A number of other analysts also recently commented on the stock. Barclays PLC boosted their price target on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the stock an underweight rating in a research report on Wednesday, August 9th. Cowen and Company restated a hold rating and set a $39.00 price target on shares of Southern Copper Corporation in a research report on Wednesday, July 19th. BidaskClub upgraded shares of Southern Copper Corporation from a hold rating to a buy rating in a research report on Wednesday, July 12th. Finally, FBR & Co dropped their price target on shares of Southern Copper Corporation from $43.00 to $42.00 and set an outperform rating on the stock in a research report 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 stock presently has an average rating of Hold and an average price target of $34.97.
Shares of Southern Copper Corporation (SCCO) traded up 0.26% on Wednesday, reaching $39.12. 704,030 shares of the company’s stock were exchanged. The company has a market capitalization of $30.24 billion, a P/E ratio of 30.75 and a beta of 0.55. The stock’s 50-day moving average price is $37.95 and its 200-day moving average price is $36.34. Southern Copper Corporation has a 1-year low of $24.90 and a 1-year high of $40.23.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be issued a dividend of $0.14 per share. The ex-dividend date is Monday, August 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.43%. This is a positive change from Southern Copper Corporation’s previous quarterly dividend of $0.12. Southern Copper Corporation’s payout ratio is currently 43.75%.
In related news, Chairman German Larrea Mota Velasco sold 25,070 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $39.50, for a total transaction of $990,265.00. Following the transaction, the chairman now directly owns 3,477,097 shares of the company’s stock, valued at $137,345,331.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 900,670 shares of company stock worth $35,575,771 in the last 90 days. 0.53% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of SCCO. Sit Investment Associates Inc. increased its stake in Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock valued at $115,000 after buying an additional 400 shares in the last quarter. Tobam increased its stake in Southern Copper Corporation by 1,003.8% in the first quarter. Tobam now owns 3,223 shares of the basic materials company’s stock valued at $116,000 after buying an additional 2,931 shares in the last quarter. Bessemer Group Inc. increased its stake in Southern Copper Corporation by 114.5% in the second quarter. Bessemer Group Inc. now owns 3,692 shares of the basic materials company’s stock valued at $128,000 after buying an additional 1,971 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Southern Copper Corporation during the second quarter valued at approximately $134,000. Finally, FNY Partners Fund LP acquired a new stake in Southern Copper Corporation during the first quarter valued at approximately $145,000. 6.34% of the stock is owned by institutional investors.
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.
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