Raymond James & Associates Cuts Stock Position in Southern Copper Co. (NYSE:SCCO)

Raymond James & Associates lessened its stake in Southern Copper Co. (NYSE:SCCO - Free Report) by 39.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,123 shares of the basic materials company's stock after selling 38,575 shares during the period. Raymond James & Associates' holdings in Southern Copper were worth $6,723,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Southern Copper by 18.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company's stock valued at $827,804,000 after purchasing an additional 1,192,111 shares in the last quarter. Capital World Investors acquired a new position in shares of Southern Copper during the 1st quarter worth approximately $340,373,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Southern Copper by 54.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company's stock valued at $164,190,000 after buying an additional 544,312 shares in the last quarter. Marathon Asset Management Ltd grew its stake in Southern Copper by 2.9% in the 3rd quarter. Marathon Asset Management Ltd now owns 788,672 shares of the basic materials company's stock valued at $91,226,000 after acquiring an additional 22,437 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Southern Copper by 0.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 630,579 shares of the basic materials company's stock worth $67,939,000 after acquiring an additional 4,580 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Price Performance

Shares of SCCO stock traded down $2.21 during trading hours on Thursday, reaching $109.64. The company had a trading volume of 828,204 shares, compared to its average volume of 1,157,102. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79. The company has a market capitalization of $85.65 billion, a price-to-earnings ratio of 28.26, a PEG ratio of 1.18 and a beta of 1.18. The stock has a fifty day moving average of $108.34 and a 200-day moving average of $110.10. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81.

Southern Copper Announces Dividend

The company also recently announced a -- dividend, which will be paid on Thursday, November 21st. Shareholders of record on Wednesday, November 6th will be paid a dividend of $0.62 per share. This represents a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, November 6th. Southern Copper's dividend payout ratio (DPR) is presently 72.16%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Morgan Stanley increased their price objective on shares of Southern Copper from $97.00 to $100.00 and gave the company an "underweight" rating in a report on Thursday, September 19th. Scotiabank decreased their price target on shares of Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating on the stock in a research note on Tuesday, October 15th. UBS Group began coverage on Southern Copper in a research note on Friday, July 12th. They set a "neutral" rating and a $120.00 price objective for the company. Finally, Citigroup increased their target price on Southern Copper from $99.44 to $100.00 and gave the company a "sell" rating in a report on Wednesday, October 2nd. Six analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $90.63.

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.