Southern Copper Target of Unusually Large Options Trading (NYSE:SCCO)
by Jessica Moore · The Cerbat GemSouthern Copper Corporation (NYSE:SCCO – Get Free Report) was the recipient of some unusual options trading activity on Monday. Stock investors acquired 19,229 put options on the company. This is an increase of 760% compared to the typical daily volume of 2,237 put options.
Southern Copper Trading Up 2.8%
SCCO traded up $4.82 on Monday, hitting $175.34. The company had a trading volume of 1,004,845 shares, compared to its average volume of 1,798,226. The company’s fifty day moving average price is $140.40 and its 200 day moving average price is $119.97. Southern Copper has a 1 year low of $74.84 and a 1 year high of $177.06. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64. The firm has a market cap of $142.41 billion, a P/E ratio of 36.75, a PEG ratio of 1.44 and a beta of 1.06.
Southern Copper (NYSE:SCCO – Get Free Report) last announced its earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.09. The company had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.05 billion. Southern Copper had a net margin of 30.98% and a return on equity of 38.74%. As a group, equities analysts expect that Southern Copper will post 4.66 earnings per share for the current year.
Southern Copper Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th were given a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, November 12th. This represents a $3.60 dividend on an annualized basis and a yield of 2.1%. Southern Copper’s payout ratio is presently 75.47%.
Insiders Place Their Bets
In related news, Director Bonilla Luis Miguel Palomino sold 400 shares of Southern Copper stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total value of $55,600.00. Following the sale, the director directly owned 1,265 shares in the company, valued at approximately $175,835. The trade was a 24.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 948 shares of company stock valued at $131,130. Company insiders own 0.07% of the company’s stock.
Institutional Investors Weigh In On Southern Copper
A number of institutional investors have recently modified their holdings of SCCO. Hopwood Financial Services Inc. purchased a new stake in shares of Southern Copper during the third quarter worth approximately $25,000. MJT & Associates Financial Advisory Group Inc. increased its position in shares of Southern Copper by 65.1% in the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 84 shares during the last quarter. Tobam acquired a new stake in shares of Southern Copper in the 2nd quarter valued at $29,000. United Community Bank acquired a new stake in shares of Southern Copper in the 3rd quarter valued at $30,000. Finally, Caitlin John LLC purchased a new stake in shares of Southern Copper during the 3rd quarter worth $30,000. 7.94% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. UBS Group reissued a “neutral” rating and issued a $143.00 target price (up from $135.00) on shares of Southern Copper in a research note on Friday, December 12th. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $114.50 to $119.50 and gave the stock a “neutral” rating in a research report on Thursday, December 18th. Morgan Stanley set a $138.00 target price on Southern Copper and gave the company an “underweight” rating in a report on Monday, December 15th. Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, HSBC reissued a “hold” rating and set a $118.00 price target (up previously from $105.00) on shares of Southern Copper in a research report on Friday, October 17th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $123.85.
Read Our Latest Report on Southern Copper
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.