Southern Copper Corp (NYSE:SCCO) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 3,840,000 shares, a decline of 7.2% from the October 31st total of 4,140,000 shares. Approximately 4.7% of the shares of the stock are short sold. Based on an average daily volume of 792,400 shares, the days-to-cover ratio is presently 4.8 days.
A number of research analysts recently commented on SCCO shares. UBS Group dropped their price target on Southern Copper from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. ValuEngine cut Southern Copper from a “hold” rating to a “sell” rating in a report on Monday, November 25th. Morgan Stanley upgraded Southern Copper from an “underweight” rating to an “equal” rating and set a $36.00 target price on the stock in a report on Monday, September 23rd. JPMorgan Chase & Co. set a $32.00 target price on Southern Copper and gave the company a “hold” rating in a report on Wednesday, August 21st. Finally, Zacks Investment Research cut Southern Copper from a “hold” rating to a “sell” rating and set a $36.00 target price on the stock. in a report on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $39.22.
Hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in Southern Copper by 15.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,825,434 shares of the basic materials company’s stock worth $226,318,000 after purchasing an additional 774,578 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of Southern Copper in the 2nd quarter valued at about $18,171,000. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of Southern Copper by 84.3% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 797,772 shares of the basic materials company’s stock valued at $30,993,000 after acquiring an additional 364,888 shares in the last quarter. Man Group plc raised its holdings in shares of Southern Copper by 1,569.4% in the 3rd quarter. Man Group plc now owns 212,961 shares of the basic materials company’s stock valued at $7,268,000 after acquiring an additional 200,204 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in shares of Southern Copper by 2,055.5% in the 3rd quarter. Teacher Retirement System of Texas now owns 175,135 shares of the basic materials company’s stock valued at $5,977,000 after acquiring an additional 167,010 shares in the last quarter. Institutional investors own 6.25% of the company’s stock.
NYSE SCCO opened at $41.49 on Friday. The firm has a market capitalization of $31.36 billion, a P/E ratio of 20.75, a PEG ratio of 1.77 and a beta of 0.94. The company has a current ratio of 2.92, a quick ratio of 2.18 and a debt-to-equity ratio of 0.95. The business has a fifty day simple moving average of $37.79 and a 200 day simple moving average of $35.50. Southern Copper has a 12 month low of $29.01 and a 12 month high of $42.42.
Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Friday, October 25th. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. Southern Copper had a return on equity of 21.86% and a net margin of 20.68%. As a group, sell-side analysts predict that Southern Copper will post 1.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $1.60 annualized dividend and a dividend yield of 3.86%. Southern Copper’s payout ratio is 80.00%.
Southern Copper Company Profile
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 and lead.
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