Southern Copper Co. (NYSE:SCCO) Shares Sold by Belpointe Asset Management LLC

Belpointe Asset Management LLC lowered its stake in shares of Southern Copper Co. (NYSE:SCCO – Get Rating) by 62.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 893 shares of the basic materials company’s stock after selling 1,497 shares during the period. Belpointe Asset Management LLC’s holdings in Southern Copper were worth $54,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of Southern Copper by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 283,570 shares of the basic materials company’s stock valued at $21,523,000 after purchasing an additional 3,611 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Southern Copper by 48.3% in the 1st quarter. American Century Companies Inc. now owns 11,974 shares of the basic materials company’s stock valued at $909,000 after purchasing an additional 3,901 shares during the last quarter. MetLife Investment Management LLC acquired a new position in shares of Southern Copper in the 1st quarter valued at $388,000. Rhumbline Advisers raised its holdings in shares of Southern Copper by 121.4% in the 1st quarter. Rhumbline Advisers now owns 173,100 shares of the basic materials company’s stock valued at $13,138,000 after buying an additional 94,910 shares during the period. Finally, BlackRock Inc. raised its holdings in shares of Southern Copper by 10.7% in the 1st quarter. BlackRock Inc. now owns 7,022,108 shares of the basic materials company’s stock valued at $532,978,000 after buying an additional 680,165 shares during the period. Institutional investors and hedge funds own 7.03% of the company’s stock.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 500 shares of the company’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $78.97, for a total value of $39,485.00. Following the completion of the sale, the director now directly owns 6,514 shares of the company’s stock, valued at approximately $514,410.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.08% of the company’s stock.

Southern Copper Trading Down 3.9 %

SCCO opened at $66.66 on Wednesday. Southern Copper Co. has a one year low of $42.42 and a one year high of $82.05. The company has a market cap of $51.53 billion, a P/E ratio of 19.32, a PEG ratio of 14.68 and a beta of 1.23. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.38 and a current ratio of 4.17. The business’s 50-day simple moving average is $74.58 and its 200-day simple moving average is $69.87.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 23rd. Investors of record on Tuesday, May 9th were given a $0.95 dividend. The ex-dividend date of this dividend was Monday, May 8th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.70%. Southern Copper’s dividend payout ratio (DPR) is presently 115.94%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Morgan Stanley downgraded Southern Copper from an “overweight” rating to an “equal weight” rating and set a $70.00 price objective on the stock. in a report on Wednesday, March 29th. The Goldman Sachs Group downgraded Southern Copper from a “neutral” rating to a “sell” rating and boosted their price objective for the company from $65.00 to $66.00 in a report on Tuesday, May 9th. Barclays boosted their price objective on Southern Copper from $53.00 to $64.00 and gave the company an “equal weight” rating in a report on Friday, April 21st. Deutsche Bank Aktiengesellschaft upped their price target on Southern Copper from $55.00 to $56.00 in a report on Wednesday, May 3rd. Finally, UBS Group upped their price target on Southern Copper from $48.00 to $51.00 and gave the stock a “sell” rating in a report on Thursday, February 23rd. Four analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Southern Copper currently has an average rating of “Hold” and a consensus target price of $62.29.

Southern Copper 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.