Southern Copper (NYSE:SCCO) Sets New 12-Month High – What’s Next?

Southern Copper Corporation (NYSE:SCCO)’s stock price reached a new 52-week high on Friday . The stock traded as high as $151.86 and last traded at $150.9960, with a volume of 11584 shares changing hands. The stock had previously closed at $148.13.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on Southern Copper from $114.50 to $119.50 and gave the stock a “neutral” rating in a report on Thursday, December 18th. Zacks Research lowered shares of Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $115.00 price objective (up previously from $89.00) on shares of Southern Copper in a research note on Wednesday, October 29th. Jefferies Financial Group set a $155.00 price objective on shares of Southern Copper and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Citigroup restated a “sell” rating and set a $108.00 target price (up from $89.10) on shares of Southern Copper in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $123.85.

Southern Copper Stock Performance

The stock has a market cap of $122.35 billion, a P/E ratio of 31.58, a P/E/G ratio of 1.36 and a beta of 1.07. The firm has a 50 day moving average of $136.22 and a two-hundred day moving average of $115.30. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.91 and a current ratio of 4.52.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 38.74% and a net margin of 30.98%. On average, research analysts predict that Southern Copper Corporation will post 4.66 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th were issued 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 2.4%. Southern Copper’s dividend payout ratio is 75.47%.

Insiders Place Their Bets

In other news, Director Bonilla Luis Miguel Palomino sold 400 shares of Southern Copper stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $139.00, for a total transaction of $55,600.00. Following the sale, the director owned 1,265 shares of the company’s stock, valued at approximately $175,835. This trade represents a 24.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 948 shares of company stock worth $131,130 over the last 90 days. 0.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Southern Copper

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hopwood Financial Services Inc. bought a new position in shares of Southern Copper in the third quarter valued at about $25,000. MJT & Associates Financial Advisory Group Inc. grew its stake in shares of Southern Copper by 65.1% during the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 84 shares during the period. Caitlin John LLC acquired a new position in shares of Southern Copper during the 3rd quarter worth about $30,000. United Community Bank bought a new stake in Southern Copper in the third quarter valued at approximately $30,000. Finally, Tobam acquired a new stake in Southern Copper during the 2nd quarter worth $29,000. 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.