Florida Financial Advisors LLC Buys Shares of 10,839 Southern Copper Corporation $SCCO

Florida Financial Advisors LLC purchased a new stake in Southern Copper Corporation (NYSE:SCCO) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,839 shares of the basic materials company’s stock, valued at approximately $1,865,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new stake in Southern Copper in the fourth quarter valued at about $97,645,000. Capital Research Global Investors bought a new position in Southern Copper during the fourth quarter worth about $81,039,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Southern Copper during the 4th quarter worth about $46,560,000. USS Investment Management Ltd grew its position 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 period. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Southern Copper in the 4th quarter valued at about $35,095,000. 7.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SCCO. Barclays reiterated an “underweight” rating and issued a $160.00 price target (up from $148.00) on shares of Southern Copper in a research report on Wednesday, July 15th. Weiss Ratings downgraded shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. upped their target price on shares of Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Finally, Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. One research 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. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $148.10.

Insider Buying and Selling

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction 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 sale, the director directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 404 shares of company stock valued at $74,108. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of SCCO stock opened at $175.20 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The company’s 50 day moving average price is $180.83 and its two-hundred day moving average price is $182.47. The company has a market capitalization of $144.73 billion, a P/E ratio of 28.96, a price-to-earnings-growth ratio of 1.47 and a beta of 1.11.

Southern Copper shares are going to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. Southern Copper’s dividend payout ratio (DPR) is 66.12%.

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.