Southern Copper Corporation (NYSE:SCCO) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Southern Copper Corporation (NYSE:SCCO) have earned an average recommendation of “Reduce” from the fourteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $147.1856.

A number of research firms have issued reports on SCCO. Scotiabank reiterated an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. JPMorgan Chase & Co. upped their target price on shares of Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a research report on Wednesday, June 17th. Morgan Stanley increased their price target on shares of Southern Copper from $155.00 to $160.00 and gave the stock an “underweight” rating in a research note on Thursday, April 9th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. Finally, Wells Fargo & Company set a $171.00 price objective on shares of Southern Copper and gave the stock an “equal weight” rating in a research note on Friday, May 1st.

Southern Copper Trading Down 3.2%

SCCO opened at $168.71 on Thursday. The stock has a market cap of $139.36 billion, a PE ratio of 27.89, a PEG ratio of 1.57 and a beta of 1.12. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average of $182.09 and a 200-day moving average of $179.68. Southern Copper has a 52 week low of $88.73 and a 52 week high of $223.88.

Southern Copper Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 13th. Southern Copper’s dividend payout ratio (DPR) is presently 66.12%.

Insider Activity at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 404 shares of company stock valued at $74,108. Insiders own 0.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock valued at $4,194,000 after buying an additional 13,293 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Southern Copper by 17.9% in the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock worth $627,000 after acquiring an additional 1,020 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after acquiring an additional 1,052 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after acquiring an additional 19,957 shares in the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of Southern Copper by 17.7% in the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after purchasing an additional 731 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

About Southern Copper

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.