Southern Copper (NYSE:SCCO) Shares Gap Down to $73.40

Posted by Defense World Staff on Jun 30th, 2023

Southern Copper Co. (NYSE:SCCO – Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $73.40, but opened at $71.22. Southern Copper shares last traded at $70.34, with a volume of 127,135 shares trading hands.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several research reports. The Goldman Sachs Group cut shares of Southern Copper from a “neutral” rating to a “sell” rating and lifted their price objective for the company from $65.00 to $66.00 in a research note on Tuesday, May 9th. Morgan Stanley boosted their target price on shares of Southern Copper from $67.00 to $74.00 in a research note on Wednesday, June 21st. Barclays boosted their target price on shares of Southern Copper from $53.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday, April 21st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Southern Copper from $55.00 to $56.00 in a research note on Wednesday, May 3rd. Finally, StockNews.com began coverage on shares of Southern Copper in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $62.86.

Southern Copper Price Performance

The company has a quick ratio of 3.38, a current ratio of 4.17 and a debt-to-equity ratio of 0.76. The stock’s 50-day simple moving average is $72.35 and its two-hundred day simple moving average is $72.07. The company has a market capitalization of $54.63 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 14.96 and a beta of 1.24.

Southern Copper (NYSE:SCCO – Free Report) last posted its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.01. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.72 billion. Southern Copper had a net margin of 26.46% and a return on equity of 33.71%. Equities research analysts predict that Southern Copper Co. will post 3.94 earnings per share for the current year.

Southern Copper Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 23rd. Stockholders of record on Tuesday, May 9th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date of this dividend was Monday, May 8th. Southern Copper’s dividend payout ratio (DPR) is 115.94%.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 500 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $78.97, for a total value of $39,485.00. Following the completion of the sale, the director now directly owns 6,514 shares in the company, valued at $514,410.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 1,500 shares of company stock worth $113,840 over the last three months. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Southern Copper

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV increased its position in Southern Copper by 0.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,229 shares of the basic materials company’s stock worth $1,040,000 after purchasing an additional 142 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Southern Copper by 0.5% during the first quarter. Janney Montgomery Scott LLC now owns 31,504 shares of the basic materials company’s stock worth $2,402,000 after purchasing an additional 149 shares during the last quarter. Ronald Blue Trust Inc. increased its position in Southern Copper by 28.7% during the first quarter. Ronald Blue Trust Inc. now owns 699 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 156 shares during the last quarter. Janiczek Wealth Management LLC increased its position in Southern Copper by 24.1% during the fourth quarter. Janiczek Wealth Management LLC now owns 835 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 162 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its position in Southern Copper by 1.2% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 13,418 shares of the basic materials company’s stock worth $810,000 after purchasing an additional 165 shares during the last quarter. 7.74% of the stock is currently owned by institutional investors and hedge funds.

About Southern Copper

(Free Report)

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.