Southern Copper (NYSE:SCCO) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Southern Copper (NYSE:SCCO) posted its quarterly earnings data on Wednesday. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.15, FiscalAI reports. The business had revenue of $4.70 billion during the quarter, compared to the consensus estimate of $4.49 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%.

Southern Copper Stock Performance

Shares of SCCO opened at $195.08 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. The stock has a 50-day moving average of $201.51 and a two-hundred day moving average of $187.96. The stock has a market cap of $162.76 billion, a P/E ratio of 28.52, a P/E/G ratio of 1.78 and a beta of 1.11. Southern Copper has a one year low of $119.25 and a one year high of $223.88.

Southern Copper’s stock is set to split before the market opens on Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Monday, November 2nd.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be paid a $1.30 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $1.10. The ex-dividend date is Tuesday, November 3rd. This represents a $5.20 dividend on an annualized basis and a yield of 2.7%. Southern Copper’s dividend payout ratio (DPR) is 76.02%.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several analyst reports. Morgan Stanley restated an “underweight” rating and issued a $170.00 target price on shares of Southern Copper in a research note on Wednesday, October 7th. Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Weiss Ratings upgraded shares of Southern Copper from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. CICC Research cut shares of Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Finally, UBS Group reissued a “sell” rating and issued a $180.00 target price (up from $160.00) on shares of Southern Copper in a report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $160.95.

Insiders Place Their Bets

In related news, Director Luis Palomino Bonilla sold 202 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the sale, the director owned 1,723 shares of the company’s stock, valued at approximately $339,066.65. The trade was a 10.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 704 shares of company stock valued at $138,077. Corporate insiders own 0.07% of the company’s stock.

About Southern Copper

Southern Copper Corporation (NYSE:SCCO) is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.

Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.