Bellwether Advisors LLC Takes $2.82 Million Position in Southern Copper Corporation $SCCO

Bellwether Advisors LLC acquired a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 16,388 shares of the basic materials company’s stock, valued at approximately $2,820,000.

A number of other large investors have also recently made changes to their positions in the company. National Wealth Management Group LLC purchased a new stake in shares of Southern Copper during the 4th quarter worth $1,281,000. Nordea Investment Management AB grew its stake in shares of Southern Copper by 74.0% during the fourth quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock worth $37,142,000 after purchasing an additional 109,857 shares in the last quarter. Savvy Advisors Inc. purchased a new position in Southern Copper in the fourth quarter valued at $1,434,000. Oak Harvest Investment Services purchased a new position in Southern Copper in the fourth quarter valued at $7,650,000. Finally, US Bancorp DE raised its stake in Southern Copper by 16.2% in the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after buying an additional 10,360 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Stock Up 7.3%

SCCO stock opened at $187.92 on Wednesday. The company has a fifty day moving average price of $180.76 and a 200 day moving average price of $182.80. Southern Copper Corporation has a 12 month low of $88.73 and a 12 month high of $223.88. The company has a market cap of $155.24 billion, a price-to-earnings 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 current ratio of 4.38 and a quick ratio of 3.89.

Southern Copper’s stock is set to split 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 announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a $1.10 dividend. The ex-dividend date of this dividend 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 2.3%. Southern Copper’s dividend payout ratio is currently 72.73%.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price target on Southern Copper from $146.00 to $158.00 and gave the stock an “underweight” rating in a report on Wednesday, July 8th. Weiss Ratings downgraded Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 8th. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. Citigroup restated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Finally, UBS Group reaffirmed a “sell” rating and issued a $160.00 price target (up from $145.00) on shares of Southern Copper in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $148.10.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the 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 completion of the sale, 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 Securities & Exchange Commission, 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 corporate insiders.

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.