Southern Copper Corporation (SCCO) Announces Dividend Increase – $0.25 Per Share

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.

TRADEMARK VIOLATION NOTICE: This article was first published by Transcript Daily and is owned by of Transcript Daily. If you are accessing this article on another domain, it was illegally stolen and reposted in violation of international copyright law. The original version of this article can be read at https://transcriptdaily.com/2017/10/23/southern-copper-corporation-scco-announces-dividend-increase-0-25-per-share.html.

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.

Dividend History for Southern Copper Corporation (NYSE:SCCO)

Receive News & Ratings for Southern Copper Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southern Copper Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply