Southern Copper (NYSE:SCCO) Announces Earnings Results
by Scott Moore · The Cerbat GemSouthern Copper (NYSE:SCCO – Get Free Report) posted its quarterly earnings results on Wednesday. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.04, FiscalAI reports. Southern Copper had a net margin of 34.13% and a return on equity of 47.03%. The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $3.96 billion.
Southern Copper Stock Performance
Shares of NYSE:SCCO opened at $168.93 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.89 and a quick ratio of 3.40. The business’s fifty day moving average price is $184.14 and its two-hundred day moving average price is $164.44. Southern Copper has a fifty-two week low of $86.59 and a fifty-two week high of $223.88. The stock has a market capitalization of $138.37 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 1.70 and a beta of 1.16.
Shares of Southern Copper are scheduled to split on Wednesday, May 13th. The 1.01-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Tuesday, May 12th.
Southern Copper Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 13th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $4.00 annualized dividend and a yield of 2.4%. Southern Copper’s payout ratio is currently 75.19%.
Insider Activity
In related news, Director Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.60, for a total transaction of $33,697.80. Following the completion of the transaction, the director directly owned 1,707 shares of the company’s stock, valued at $298,042.20. This trade represents a 10.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the completion of the transaction, the director owned 605 shares in the company, valued at approximately $126,783.04. This trade represents a 93.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 9,526 shares of company stock worth $1,989,373. 0.07% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Southern Copper by 2.4% in the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after acquiring an additional 66,268 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Southern Copper by 8.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock valued at $169,480,000 after purchasing an additional 90,237 shares in the last quarter. Legal & General Group Plc raised its position in Southern Copper by 1.5% in the 3rd quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company’s stock valued at $116,012,000 after purchasing an additional 14,212 shares during the last quarter. Northern Trust Corp raised its position in Southern Copper by 5.4% in the 3rd quarter. Northern Trust Corp now owns 923,796 shares of the basic materials company’s stock valued at $112,112,000 after purchasing an additional 47,028 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in Southern Copper by 7.1% in the fourth quarter. Schroder Investment Management Group now owns 541,370 shares of the basic materials company’s stock worth $77,670,000 after purchasing an additional 36,086 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.
Wall Street Analyst Weigh In
SCCO has been the subject of several research reports. The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a research note on Friday, April 10th. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, March 21st. Wells Fargo & Company set a $171.00 price objective on Southern Copper in a report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Friday, March 27th. Finally, JPMorgan Chase & Co. upped their target price on Southern Copper from $117.50 to $127.00 and gave the company an “underweight” rating in a research note on Friday, April 10th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and an average price target of $144.25.
Check Out Our Latest Research Report on SCCO
About Southern Copper
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.