Freestone Capital Holdings LLC Sells 5,289 Shares of Southern Copper Corporation $SCCO

Freestone Capital Holdings LLC trimmed its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 72.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,988 shares of the basic materials company’s stock after selling 5,289 shares during the period. Freestone Capital Holdings LLC’s holdings in Southern Copper were worth $201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in Southern Copper by 26.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after acquiring an additional 322,935 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Southern Copper by 3.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,398,651 shares of the basic materials company’s stock worth $130,718,000 after acquiring an additional 44,014 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Southern Copper by 2.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,059,080 shares of the basic materials company’s stock worth $98,982,000 after acquiring an additional 30,232 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Southern Copper by 5.3% during the 1st quarter. Ameriprise Financial Inc. now owns 915,147 shares of the basic materials company’s stock worth $85,595,000 after acquiring an additional 45,691 shares in the last quarter. Finally, Empower Advisory Group LLC grew its holdings in Southern Copper by 17.0% during the 1st quarter. Empower Advisory Group LLC now owns 904,224 shares of the basic materials company’s stock worth $84,509,000 after acquiring an additional 131,156 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the transaction, the director directly owned 2,327 shares of the company’s stock, valued at $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 1,128 shares of company stock valued at $125,162. Company insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of Southern Copper stock opened at $135.89 on Thursday. The firm has a market capitalization of $109.26 billion, a P/E ratio of 28.49, a PEG ratio of 1.29 and a beta of 1.02. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The company has a 50 day moving average price of $119.90 and a 200 day moving average price of $104.02. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $144.81.

Southern Copper’s stock is set to split before the market opens on Wednesday, November 12th. The 1.0085-1 split was recently announced. The newly issued shares will be payable to shareholders after the market closes on Tuesday, November 11th.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Tuesday, October 28th. The basic materials company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.26 by $0.09. The firm had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.05 billion. Southern Copper had a net margin of 30.98% and a return on equity of 39.62%. Sell-side analysts expect that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Wednesday, November 12th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, November 12th. Southern Copper’s dividend payout ratio (DPR) is presently 75.47%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Jefferies Financial Group set a $155.00 target price on shares of Southern Copper and gave the stock a “buy” rating in a report on Monday, October 6th. Morgan Stanley set a $132.00 price target on shares of Southern Copper and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group reissued a “sell” rating and set a $115.00 price target (up from $89.00) on shares of Southern Copper in a research report on Wednesday, October 29th. JPMorgan Chase & Co. increased their price target on shares of Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a research report on Monday, October 27th. Finally, HSBC reissued a “hold” rating and set a $118.00 price target (up from $105.00) on shares of Southern Copper in a research report on Friday, October 17th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $117.94.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.