Wall Street Zen lowered shares of Southern Copper (NYSE:SCCO – Free Report) from a buy rating to a hold rating in a report published on Saturday.
Several other brokerages have also issued reports on SCCO. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price objective on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Zacks Research upgraded shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. Barclays set a $166.00 target price on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Finally, CICC Research lowered shares of Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, Southern Copper has a consensus rating of “Reduce” and a consensus price target of $148.60.
Check Out Our Latest Stock Analysis on Southern Copper
Southern Copper Stock Down 1.2%
Southern Copper’s stock is set to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Monday, August 10th.
Southern Copper (NYSE:SCCO – Get Free Report) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. The company had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. On average, analysts anticipate that Southern Copper will post 7.63 EPS for the current year.
Southern Copper Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 11th. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is presently 58.48%.
Insider Activity
In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 504 shares of company stock worth $92,008. 0.07% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. E. Ohman J or Asset Management AB increased its stake in Southern Copper by 17.4% in the second quarter. E. Ohman J or Asset Management AB now owns 7,163 shares of the basic materials company’s stock valued at $1,248,000 after purchasing an additional 1,061 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in Southern Copper by 3.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 2,747 shares of the basic materials company’s stock worth $479,000 after purchasing an additional 97 shares during the period. Shrier Wealth Management LLC boosted its position in shares of Southern Copper by 5.8% during the second quarter. Shrier Wealth Management LLC now owns 2,217 shares of the basic materials company’s stock worth $386,000 after purchasing an additional 122 shares in the last quarter. Focus Financial Network Inc. boosted its position in shares of Southern Copper by 16.7% during the second quarter. Focus Financial Network Inc. now owns 5,024 shares of the basic materials company’s stock worth $876,000 after purchasing an additional 718 shares in the last quarter. Finally, Allied Private Wealth LLC acquired a new position in shares of Southern Copper in the 2nd quarter valued at $149,000. Institutional investors own 7.94% of the company’s stock.
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.
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