Independent Financial Group LLC Buys New Holdings in Southern Copper Corporation $SCCO

Key Points

• Independent Financial Group LLC disclosed a new first-quarter position in Southern Copper, buying 13,285 shares valued at about $2.29 million.
• Southern Copper said it paid a quarterly dividend of $1.00 per share, or $4.00 annualized, which works out to a 2.3% yield and a payout ratio of 66.12%.
• Analysts remain cautious overall: the stock has a consensus rating of “Reduce” with an average price target of $148.10, though some firms recently raised targets and one upgraded the shares to buy.

Independent Financial Group LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 13,285 shares of the basic materials company's stock, valued at approximately $2,286,000.

Other large investors have also bought and sold shares of the company. SHP Wealth Management purchased a new stake in shares of Southern Copper during the fourth quarter valued at approximately $25,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper in the fourth quarter worth $29,000. Virtus Advisers LLC purchased a new position in shares of Southern Copper in the fourth quarter worth $29,000. Godfrey Financial Associates Inc. bought a new stake in Southern Copper during the 4th quarter valued at $30,000. Finally, IFP Advisors Inc raised its holdings in Southern Copper by 233.3% during the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock valued at $33,000 after buying an additional 161 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Performance

Shares of SCCO stock opened at $172.22 on Friday. The firm has a market capitalization of $142.26 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 1.47 and a beta of 1.11. The stock has a fifty day moving average of $181.03 and a 200 day moving average of $181.99. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper's dividend payout ratio (DPR) is currently 66.12%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Thursday, May 21st. The shares were 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. The trade was a 9.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 404 shares of company stock valued at $74,108. Company insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SCCO. Wells Fargo & Company raised their price target on shares of Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Wall Street Zen raised shares of Southern Copper from a "hold" rating to a "buy" rating in a research note on Saturday, June 27th. JPMorgan Chase & Co. increased their target price 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. Scotiabank reissued an "underperform" rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Finally, UBS Group restated a "sell" rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and seven have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Southern Copper has an average rating of "Reduce" and a consensus price target of $148.10.

Southern Copper Company 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.

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