Raymond James Financial Inc. Sells 3,072 Shares of Southern Copper Corporation $SCCO

Key Points

• Raymond James Financial Inc. reduced its stake in Southern Copper Corporation by 3.3%, holding 89,319 shares worth approximately $8.35 million after selling 3,072 shares in the first quarter.
• Several institutional investors, including JPMorgan Chase & Co. and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., have increased their holdings in Southern Copper, reflecting mixed sentiment among investors.
• Southern Copper announced a quarterly dividend of $1.01 per share, increasing from the previous $0.62, indicating a strong 4.2% annual yield for shareholders.

Raymond James Financial Inc. lowered its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,319 shares of the basic materials company's stock after selling 3,072 shares during the quarter. Raymond James Financial Inc.'s holdings in Southern Copper were worth $8,348,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its position in Southern Copper by 117.6% in the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after acquiring an additional 147 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in Southern Copper in the 1st quarter worth about $29,000. N.E.W. Advisory Services LLC purchased a new position in Southern Copper in the 1st quarter worth about $34,000. IFP Advisors Inc grew its stake in Southern Copper by 53.7% during the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock valued at $69,000 after acquiring an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Southern Copper by 35.2% during the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 236 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target for the company. in a research note on Tuesday, July 1st. JPMorgan Chase & Co. upped their target price on Southern Copper from $79.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research note on Wednesday, June 11th. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, Morgan Stanley restated an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research note on Tuesday, July 15th. Four analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Southern Copper has a consensus rating of "Reduce" and an average price target of $93.60.

Southern Copper Trading Up 3.8%

SCCO traded up $3.66 during midday trading on Wednesday, reaching $100.91. 1,592,482 shares of the company were exchanged, compared to its average volume of 945,845. Southern Copper Corporation has a one year low of $74.84 and a one year high of $121.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The stock has a market capitalization of $81.14 billion, a P/E ratio of 22.08, a PEG ratio of 1.41 and a beta of 0.99. The stock's 50-day simple moving average is $98.26 and its 200 day simple moving average is $94.07.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 15th will be issued a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.04 dividend on an annualized basis and a yield of 4.0%. This is a positive change from Southern Copper's previous quarterly dividend of $0.62. Southern Copper's payout ratio is currently 70.02%.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director directly owned 2,327 shares in the company, valued at $232,700. This represents a 15.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.07% of the company's stock.

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.