Independent Financial Group LLC Takes $2.29 Million Position in Southern Copper Corporation $SCCO

Independent Financial Group LLC purchased a new stake in shares of Southern Copper Corporation (NYSE:SCCO) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,285 shares of the basic materials company’s stock, valued at approximately $2,286,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after purchasing an additional 66,268 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Southern Copper by 0.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after buying an additional 7,194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Southern Copper by 8.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock valued at $169,480,000 after buying an additional 90,237 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Southern Copper by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company’s stock worth $141,149,000 after buying an additional 33,804 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Southern Copper by 1.5% in the 3rd quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company’s stock worth $116,012,000 after buying an additional 14,212 shares during the period. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Price Performance

SCCO opened at $172.22 on Friday. The stock has a 50-day moving average price of $181.03 and a 200-day moving average price of $181.99. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The firm has a market cap of $142.26 billion, a PE ratio of 28.47, a P/E/G ratio of 1.47 and a beta of 1.11. Southern Copper Corporation has a 1 year low of $88.73 and a 1 year high of $223.88.

Southern Copper Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.00 annualized dividend and a yield of 2.3%. Southern Copper’s payout ratio is 66.12%.

Insider Transactions at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 404 shares of company stock valued at $74,108 over the last three months. 0.07% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup reissued a “positive” rating on shares of Southern Copper in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Weiss Ratings lowered shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 8th. Finally, Morgan Stanley boosted their price target on Southern Copper from $146.00 to $158.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Southern Copper currently has a consensus rating of “Reduce” and an average price target of $148.10.

Southern Copper Profile

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.