Southern Copper Co. (NYSE:SCCO) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its stake in Southern Copper Co. (NYSE:SCCO – Get Rating) by 30.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,993 shares of the basic materials company’s stock after selling 12,354 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Southern Copper were worth $1,690,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Accurate Wealth Management LLC purchased a new position in shares of Southern Copper during the fourth quarter valued at $25,000. Loomis Sayles & Co. L P acquired a new stake in shares of Southern Copper during the first quarter worth approximately $29,000. Boyd Watterson Asset Management LLC OH purchased a new position in Southern Copper during the fourth quarter valued at approximately $25,000. Penserra Capital Management LLC acquired a new position in Southern Copper in the 1st quarter valued at approximately $46,000. Finally, Baldwin Brothers LLC MA acquired a new stake in shares of Southern Copper during the 4th quarter valued at $45,000. Institutional investors and hedge funds own 7.03% of the company’s stock.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 500 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $78.50, for a total value of $39,250.00. Following the completion of the transaction, the director now directly owns 6,014 shares of the company’s stock, valued at $472,099. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. The Goldman Sachs Group lowered Southern Copper from a “neutral” rating to a “sell” rating and upped their target price for the stock from $65.00 to $66.00 in a research report on Tuesday, May 9th. StockNews.com initiated coverage on shares of Southern Copper in a research report on Thursday. They issued a “buy” rating for the company. Barclays upped their price objective on shares of Southern Copper from $53.00 to $64.00 and gave the stock an “equal weight” rating in a report on Friday, April 21st. UBS Group raised their target price on Southern Copper from $48.00 to $51.00 and gave the company a “sell” rating in a report on Thursday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Southern Copper from $55.00 to $56.00 in a research note on Wednesday, May 3rd. Four research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.29.

Southern Copper Stock Down 0.3 %

SCCO opened at $68.88 on Monday. The stock has a market capitalization of $53.25 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 14.72 and a beta of 1.23. Southern Copper Co. has a 1-year low of $42.42 and a 1-year high of $82.05. The business has a 50 day moving average of $74.79 and a 200-day moving average of $69.59. The company has a current ratio of 4.17, a quick ratio of 3.38 and a debt-to-equity ratio of 0.76.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 23rd. Shareholders of record on Tuesday, May 9th will be given a $0.95 dividend. The ex-dividend date of this dividend is Monday, May 8th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.52%. Southern Copper’s dividend payout ratio is currently 115.94%.

Southern Copper Company Profile

(Get Rating)

Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations, Mexican Open-Pit Operations, and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.