Southern Copper Corporation (NYSE:SCCO) announced a quarterly dividend on Monday, October 23rd, Wall Street Journal reports. Shareholders of record on Wednesday, November 8th will be paid a dividend of 0.25 per share by the basic materials company on Wednesday, November 22nd. This represents a $1.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Tuesday, November 7th. This is an increase from Southern Copper Corporation’s previous quarterly dividend of $0.14.
Southern Copper Corporation has decreased its dividend payment by an average of 35.8% per year over the last three years. Southern Copper Corporation has a payout ratio of 34.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Southern Copper Corporation to earn $2.04 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 27.5%.
Shares of Southern Copper Corporation (NYSE:SCCO) traded up 0.67% during mid-day trading on Monday, hitting $43.42. 914,669 shares of the company’s stock traded hands. The stock has a market cap of $33.56 billion, a P/E ratio of 34.14 and a beta of 0.53. Southern Copper Corporation has a 1-year low of $26.52 and a 1-year high of $44.15. The stock has a 50 day moving average price of $40.82 and a 200-day moving average price of $37.56.
Several equities analysts have recently weighed in on SCCO shares. Cowen and Company restated a “hold” rating and set a $39.00 price objective on shares of Southern Copper Corporation in a research report on Wednesday, July 19th. BidaskClub upgraded shares of Southern Copper Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Barclays PLC raised their price objective on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a research report on Wednesday, August 9th. HSBC Holdings plc lowered shares of Southern Copper Corporation from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a research report on Wednesday, August 16th. Finally, FBR & Co restated a “buy” rating on shares of Southern Copper Corporation in a research report on Monday. Four analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $36.00.
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In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 135,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $39.44, for a total value of $5,324,400.00. Following the completion of the transaction, the chairman now directly owns 3,737,967 shares in the company, valued at $147,425,418.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 900,670 shares of company stock valued at $35,575,771. Corporate insiders own 0.53% of the company’s stock.
About Southern Copper Corporation
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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