Bellwether Advisors LLC Makes New Investment in Southern Copper Corporation $SCCO

Key Points

• Bellwether Advisors LLC opened a new position in Southern Copper during Q1, buying 16,388 shares worth about $2.82 million.
• Several other institutions also boosted or initiated stakes, while insiders sold a small amount of stock; overall, institutional investors own 7.94% of the company and insiders own 0.07%.
• Southern Copper’s shares were up 7.3% and the company announced a 1.012-for-1 stock split plus a higher quarterly dividend of $1.10 per share, payable August 27.

Bellwether Advisors LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 16,388 shares of the basic materials company's stock, valued at approximately $2,820,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Southern Copper during the fourth quarter worth about $97,645,000. Capital Research Global Investors purchased a new stake in shares of Southern Copper in the 4th quarter valued at approximately $81,039,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Southern Copper during the 4th quarter worth approximately $46,560,000. USS Investment Management Ltd increased its holdings in shares of Southern Copper by 904.8% during the 4th quarter. USS Investment Management Ltd now owns 301,655 shares of the basic materials company's stock worth $43,272,000 after buying an additional 271,634 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Southern Copper during the 4th quarter valued at approximately $35,095,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the sale, the director owned 1,807 shares of the company's stock, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 404 shares of company stock worth $74,108 over the last 90 days. 0.07% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on SCCO. JPMorgan Chase & Co. increased their price objective on Southern Copper from $127.00 to $131.50 and gave the stock an "underweight" rating in a research report on Wednesday, June 17th. Zacks Research raised Southern Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 9th. Scotiabank reiterated an "underperform" rating and set a $140.00 price target (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Morgan Stanley raised their price objective on Southern Copper from $146.00 to $158.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings lowered shares of Southern Copper from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $148.10.

Southern Copper Trading Up 7.3%

Shares of SCCO stock opened at $187.92 on Wednesday. Southern Copper Corporation has a fifty-two week low of $88.73 and a fifty-two week high of $223.88. The company has a 50 day moving average price of $180.76 and a 200 day moving average price of $182.80. The stock has a market capitalization of $155.24 billion, a P/E ratio of 31.06, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38.

Shares of Southern Copper are going to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be distributed to shareholders after the closing bell on Monday, August 10th.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. Southern Copper's payout ratio is presently 72.73%.

About Southern Copper

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.

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