Allspring Global Investments Holdings LLC Has $66.68 Million Holdings in Southern Copper Co. (NYSE:SCCO)

Allspring Global Investments Holdings LLC decreased its position in shares of Southern Copper Co. (NYSE:SCCO) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 625,999 shares of the basic materials company’s stock after selling 16,849 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of Southern Copper worth $66,681,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in SCCO. FMR LLC boosted its position in shares of Southern Copper by 222.1% during the 3rd quarter. FMR LLC now owns 35,187 shares of the basic materials company’s stock worth $2,649,000 after acquiring an additional 24,264 shares in the last quarter. LPL Financial LLC boosted its position in shares of Southern Copper by 22.1% during the 3rd quarter. LPL Financial LLC now owns 89,468 shares of the basic materials company’s stock worth $6,736,000 after acquiring an additional 16,168 shares in the last quarter. Stifel Financial Corp boosted its position in Southern Copper by 2.3% in the third quarter. Stifel Financial Corp now owns 33,218 shares of the basic materials company’s stock valued at $2,501,000 after buying an additional 740 shares in the last quarter. Natixis Advisors L.P. boosted its position in Southern Copper by 10.4% in the third quarter. Natixis Advisors L.P. now owns 29,783 shares of the basic materials company’s stock valued at $2,242,000 after buying an additional 2,800 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC acquired a new stake in Southern Copper in the third quarter valued at approximately $456,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Insider Buying and Selling

In related news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of Southern Copper stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $118.30, for a total transaction of $425,880.00. Following the completion of the transaction, the director now owns 2,214 shares of the company’s stock, valued at $261,916.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Southern Copper news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of Southern Copper stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $118.30, for a total value of $425,880.00. Following the completion of the sale, the director now directly owns 2,214 shares of the company’s stock, valued at $261,916.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 300 shares of Southern Copper stock in a transaction on Monday, April 29th. The shares were sold at an average price of $118.50, for a total transaction of $35,550.00. Following the completion of the sale, the director now directly owns 4,614 shares of the company’s stock, valued at $546,759. The disclosure for this sale can be found here. Insiders sold 4,000 shares of company stock valued at $472,430 over the last quarter. Insiders own 0.08% of the company’s stock.

Southern Copper Price Performance

SCCO stock opened at $109.94 on Wednesday. Southern Copper Co. has a 52-week low of $67.64 and a 52-week high of $129.79. The company has a fifty day moving average price of $114.36 and a 200-day moving average price of $99.18. The company has a market capitalization of $85.88 billion, a P/E ratio of 36.54, a PEG ratio of 1.06 and a beta of 1.20. The company has a debt-to-equity ratio of 0.82, a quick ratio of 2.56 and a current ratio of 3.31.

Southern Copper (NYSE:SCCO) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.17. Southern Copper had a net margin of 24.20% and a return on equity of 30.44%. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. As a group, equities analysts expect that Southern Copper Co. will post 4.45 EPS for the current year.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Wednesday, May 8th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date was Tuesday, May 7th. Southern Copper’s dividend payout ratio is presently 1.33%.

Wall Street Analysts Forecast Growth

SCCO has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Wednesday, May 15th. Morgan Stanley raised their target price on shares of Southern Copper from $81.70 to $100.00 and gave the company an “underweight” rating in a research report on Friday, June 21st. The Goldman Sachs Group raised their target price on shares of Southern Copper from $61.00 to $82.00 and gave the company a “sell” rating in a research report on Friday, March 22nd. Scotiabank cut their target price on shares of Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating on the stock in a research report on Tuesday, May 21st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Southern Copper from $63.50 to $61.00 and set an “underweight” rating for the company in a research note on Thursday, March 21st. Five investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $84.50.

About Southern Copper

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.