Southern Copper (NYSE:SCCO) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Southern Copper (NYSE:SCCO) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other research analysts have also recently weighed in on the company. Wells Fargo & Company set a $190.98 price target on Southern Copper and gave the company an “equal weight” rating in a research report on Friday, October 23rd. Barclays set a $163.27 price objective on Southern Copper and gave the stock an “underweight” rating in a research report on Monday, October 26th. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Weiss Ratings lowered shares of Southern Copper from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 30th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $168.22 target price on shares of Southern Copper in a report on Wednesday, October 7th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $159.26.

Southern Copper Price Performance

NYSE:SCCO opened at $176.04 on Friday. Southern Copper has a one year low of $119.25 and a one year high of $223.88. The company has a debt-to-equity ratio of 0.59, a quick ratio of 4.56 and a current ratio of 4.31. The firm has a market cap of $146.88 billion, a price-to-earnings ratio of 23.15, a PEG ratio of 1.64 and a beta of 1.15. The firm’s fifty day moving average is $193.96 and its two-hundred day moving average is $185.42.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Wednesday, October 21st. The basic materials company reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.12. The business had revenue of $4.70 billion during the quarter, compared to analyst estimates of $4.49 billion. Southern Copper had a return on equity of 51.61% and a net margin of 37.16%. During the same quarter last year, the business posted $1.34 EPS. Research analysts expect that Southern Copper will post 8.01 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, November 3rd. This represents a $5.20 annualized dividend and a dividend yield of 3.0%. This is a boost from Southern Copper’s previous quarterly dividend of $1.10. Southern Copper’s dividend payout ratio (DPR) is presently 68.06%.

Hedge Funds Weigh In On Southern Copper

A number of large investors have recently bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Southern Copper during the second quarter worth approximately $1,078,000. Fund Advisors of America Inc FL acquired a new position in shares of Southern Copper during the 2nd quarter valued at about $870,000. RFG Advisory LLC increased its position in Southern Copper by 143.7% during the second quarter. RFG Advisory LLC now owns 21,727 shares of the basic materials company’s stock worth $3,786,000 after purchasing an additional 12,811 shares during the last quarter. HighTower Advisors LLC increased its position in Southern Copper by 11.9% during the second quarter. HighTower Advisors LLC now owns 58,421 shares of the basic materials company’s stock worth $10,180,000 after purchasing an additional 6,195 shares during the last quarter. Finally, Equitable Holdings Inc. acquired a new stake in Southern Copper during the second quarter worth about $505,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

About Southern Copper

Southern Copper Corporation is an integrated mining company focused primarily on the exploration, mining, processing, and refining of copper. Its operations also produce molybdenum, zinc, lead, silver, and other mineral products.

The company operates mines and processing facilities in Peru and Mexico, including the Toquepala and Cuajone operations in Peru and the Buenavista and La Caridad operations in Mexico. Its activities extend across the mining and metals value chain, from extracting ore to producing refined metals and concentrates.

Southern Copper traces its origins to Southern Peru Copper Corporation, established in 1952, and is part of Grupo México.