Southern Copper (NYSE:SCCO) Hits New 12-Month High – Here’s Why

Southern Copper Corporation (NYSE:SCCO)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $184.74 and last traded at $183.7450, with a volume of 933500 shares changing hands. The stock had previously closed at $180.95.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SCCO shares. Wells Fargo & Company set a $182.00 price target on shares of Southern Copper and gave the company an “equal weight” rating in a report on Tuesday, January 13th. The Goldman Sachs Group reissued a “sell” rating and issued a $129.00 target price on shares of Southern Copper in a research note on Wednesday, January 14th. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research note on Monday, December 29th. Morgan Stanley set a $138.00 price objective on Southern Copper and gave the company an “underweight” rating in a research note on Monday, December 15th. Finally, JPMorgan Chase & Co. increased their target price on Southern Copper from $114.50 to $119.50 and gave the stock a “neutral” rating in a report on Thursday, December 18th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $129.05.

Southern Copper Trading Up 3.0%

The company has a market cap of $151.31 billion, a price-to-earnings ratio of 39.06, a price-to-earnings-growth ratio of 1.52 and a beta of 1.06. The company has a quick ratio of 3.91, a current ratio of 4.52 and a debt-to-equity ratio of 0.64. The company’s fifty day moving average price is $145.55 and its two-hundred day moving average price is $123.17.

Southern Copper (NYSE:SCCO) last released 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. Southern Copper had a return on equity of 38.74% and a net margin of 30.98%.The business had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.05 billion. Research analysts expect that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Wednesday, November 12th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, November 12th. Southern Copper’s payout ratio is currently 75.47%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 400 shares of the stock in a transaction dated Wednesday, December 3rd. The shares were 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 $175,835. This represents a 24.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 948 shares of company stock worth $131,130. 0.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Southern Copper

A number of institutional investors have recently modified their holdings of the stock. Hopwood Financial Services Inc. bought a new stake in shares of Southern Copper during the third quarter valued at approximately $25,000. MJT & Associates Financial Advisory Group Inc. lifted its holdings in Southern Copper by 65.1% during the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after buying an additional 84 shares in the last quarter. Tobam bought a new position in Southern Copper in the 2nd quarter valued at $29,000. United Community Bank bought a new position in Southern Copper in the 3rd quarter valued at $30,000. Finally, Caitlin John LLC acquired a new stake in shares of Southern Copper in the 3rd quarter valued at $30,000. 7.94% of the stock is owned by institutional investors.

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.