Southern Copper (NYSE:SCCO) Hits New 52-Week High – What’s Next?

Shares of Southern Copper Corporation (NYSE:SCCO) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $153.34 and last traded at $153.2450, with a volume of 10040 shares changing hands. The stock had previously closed at $148.69.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SCCO. Wells Fargo & Company set a $144.00 price objective on shares of Southern Copper and gave the company an “equal weight” rating in a report on Tuesday, December 23rd. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $114.50 to $119.50 and gave the stock a “neutral” rating in a 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 research report on Monday, December 15th. HSBC restated a “hold” rating and set a $118.00 price target (up from $105.00) on shares of Southern Copper in a research report on Friday, October 17th. Finally, UBS Group reissued a “neutral” rating and set a $143.00 target price (up previously from $135.00) on shares of Southern Copper in a research note on Friday, December 12th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, Southern Copper currently has a consensus rating of “Reduce” and a consensus target price of $123.85.

Southern Copper Stock Up 3.8%

The stock has a market cap of $125.31 billion, a price-to-earnings ratio of 32.55, a P/E/G ratio of 1.17 and a beta of 1.06. The firm’s 50 day moving average is $138.18 and its two-hundred day moving average is $117.68. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share 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 company had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.05 billion. On average, sell-side analysts predict that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Cuts Dividend

The business 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 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, November 12th. Southern Copper’s dividend payout ratio is currently 75.47%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 400 shares of the company’s 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 948 shares of company stock worth $131,130 in the last 90 days. Insiders own 0.07% of the company’s stock.

Institutional Investors Weigh In On Southern Copper

Several large investors have recently made changes to their positions in SCCO. MJT & Associates Financial Advisory Group Inc. raised its holdings in 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 in the last quarter. Covestor Ltd boosted its stake in Southern Copper by 30.4% during the third quarter. Covestor Ltd now owns 360 shares of the basic materials company’s stock valued at $44,000 after buying an additional 84 shares in the last quarter. Avanza Fonder AB grew its holdings in Southern Copper by 1.0% during the third quarter. Avanza Fonder AB now owns 8,663 shares of the basic materials company’s stock worth $1,051,000 after acquiring an additional 86 shares during the period. Redwood Wealth Management Group LLC raised its position in Southern Copper by 1.5% in the third quarter. Redwood Wealth Management Group LLC now owns 5,999 shares of the basic materials company’s stock worth $728,000 after acquiring an additional 89 shares in the last quarter. Finally, Powell Investment Advisors LLC lifted its holdings in Southern Copper by 1.0% in the 3rd quarter. Powell Investment Advisors LLC now owns 9,637 shares of the basic materials company’s stock valued at $1,170,000 after acquiring an additional 96 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

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.