Southern Copper (NYSE:SCCO) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Southern Copper (NYSE:SCCO) released its quarterly earnings results on Wednesday. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.04, FiscalAI reports. Southern Copper had a net margin of 34.13% and a return on equity of 45.63%. The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.32 billion.

Southern Copper Trading Up 7.3%

Southern Copper stock opened at $187.92 on Wednesday. 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 has a one year low of $88.73 and a one year high of $223.88. The stock has a market capitalization of $155.24 billion, a PE ratio of 31.06, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The business’s fifty day moving average is $180.76 and its 200 day moving average is $182.80.

Shares of Southern Copper are set to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be distributed to shareholders after the closing bell on Monday, August 10th.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors 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 2.3%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper’s payout ratio is 72.73%.

Insiders Place Their Bets

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred 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 completion of the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 404 shares of company stock valued at $74,108. 0.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Southern Copper

A number of institutional investors and hedge funds have recently modified their holdings of the company. Virtus Advisers LLC purchased a new position in Southern Copper in the fourth quarter worth about $29,000. Ameriflex Group Inc. lifted its stake in shares of Southern Copper by 239.7% in the 4th quarter. Ameriflex Group Inc. now owns 265 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 187 shares during the period. Caitlin John LLC boosted its holdings in shares of Southern Copper by 54.9% in the fourth quarter. Caitlin John LLC now owns 378 shares of the basic materials company’s stock worth $54,000 after buying an additional 134 shares during the last quarter. Rakuten Securities Inc. bought a new stake in Southern Copper during the second quarter valued at approximately $45,000. Finally, Greenline Wealth Management LLC bought a new stake in Southern Copper during the fourth quarter valued at approximately $73,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price on the stock in a report on Friday, April 10th. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. Finally, Wells Fargo & Company raised their price objective on shares of Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $148.10.

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.