Southern Copper (NYSE:SCCO – Get Free Report) released its quarterly earnings results on Wednesday. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.15, FiscalAI reports. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.49 billion.
Southern Copper Trading Down 3.4%
Shares of Southern Copper stock opened at $195.44 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The firm has a market cap of $163.06 billion, a PE ratio of 28.65, a P/E/G ratio of 1.78 and a beta of 1.11. Southern Copper has a 1 year low of $119.25 and a 1 year high of $223.88. The stock has a fifty day moving average price of $201.51 and a 200-day moving average price of $187.96.
Southern Copper’s stock is scheduled to split on the morning of Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Monday, November 2nd.
Southern Copper Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This is a positive change from Southern Copper’s previous quarterly dividend of $1.10. This represents a $5.20 dividend on an annualized basis and a dividend yield of 2.7%. Southern Copper’s dividend payout ratio (DPR) is 76.02%.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on SCCO shares. Barclays restated an “underweight” rating and issued a $168.00 price objective (up from $166.00) on shares of Southern Copper in a report on Monday. CICC Research cut Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Morgan Stanley restated an “underweight” rating and set a $170.00 target price on shares of Southern Copper in a report on Wednesday, October 7th. Wells Fargo & Company upped their price objective on Southern Copper from $172.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings raised Southern Copper from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat.com, Southern Copper presently has a consensus rating of “Reduce” and a consensus price target of $160.95.
Read Our Latest Research Report on Southern Copper
Insider Activity at Southern Copper
In other news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the transaction, the director directly owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 704 shares of company stock worth $138,077. Corporate insiders own 0.07% of the company’s stock.
About Southern Copper
Southern Copper Corporation (NYSE:SCCO) is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.
Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.
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