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

Southern Copper (NYSE:SCCO) announced its quarterly earnings results on Wednesday. The basic materials company reported $2.01 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.32 billion.

Southern Copper Stock Up 7.3%

Shares of NYSE:SCCO opened at $187.92 on Wednesday. Southern Copper has a 1-year low of $88.73 and a 1-year high of $223.88. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The stock has a market cap of $155.24 billion, a P/E ratio of 31.06, a P/E/G ratio of 1.50 and a beta of 1.11. The firm has a fifty day moving average price of $180.76 and a 200 day moving average price of $182.80.

Southern Copper’s stock is scheduled to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio (DPR) is currently 72.73%.

Insider Buying and Selling

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 404 shares of company stock valued at $74,108 in the last quarter. Insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Southern Copper

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in Southern Copper by 42.1% during the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares during the period. Empowered Funds LLC grew its stake in shares of Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Southern Copper by 21.5% in the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares during the period. First Trust Advisors LP raised its stake in shares of Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock worth $7,424,000 after purchasing an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. raised its stake in shares of Southern Copper by 17.7% during the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after purchasing an additional 731 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

SCCO has been the subject of several research analyst reports. Citigroup restated a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Scotiabank reiterated an “underperform” rating and set a $140.00 target price (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. UBS Group reissued a “sell” rating and issued a $160.00 target price (up from $145.00) on shares of Southern Copper in a report on Tuesday, June 30th. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a research report on Friday, April 10th. Finally, JPMorgan Chase & Co. raised their price target on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat, Southern Copper 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.