Brokerages Expect Southern Copper Co. (NYSE:SCCO) Will Announce Quarterly Sales of $2.68 Billion

Wall Street brokerages expect Southern Copper Co. (NYSE:SCCOGet Rating) to announce $2.68 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Southern Copper’s earnings, with estimates ranging from $2.59 billion to $2.77 billion. Southern Copper posted sales of $2.53 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 5.9%. The business is scheduled to report its next earnings results on Monday, January 1st.

On average, analysts expect that Southern Copper will report full year sales of $11.09 billion for the current fiscal year, with estimates ranging from $10.94 billion to $11.24 billion. For the next financial year, analysts anticipate that the company will post sales of $11.23 billion, with estimates ranging from $10.79 billion to $11.67 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Southern Copper.

Southern Copper (NYSE:SCCOGet Rating) last released its quarterly earnings results on Wednesday, February 2nd. The basic materials company reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.04). The company had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Southern Copper had a return on equity of 42.58% and a net margin of 31.07%.

Several equities analysts have weighed in on SCCO shares. StockNews.com assumed coverage on Southern Copper in a research report on Thursday, March 31st. They set a “buy” rating for the company. Morgan Stanley downgraded Southern Copper from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $55.00 to $63.00 in a research report on Wednesday, March 23rd. Finally, Barclays lifted their price objective on Southern Copper from $58.00 to $62.00 in a research report on Thursday, April 21st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.30.

In other Southern Copper news, Chairman German Larrea Mota Velasco sold 200,000 shares of the business’s stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $74.94, for a total transaction of $14,988,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.23% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Southern Copper by 1.9% in the fourth quarter. BlackRock Inc. now owns 6,341,943 shares of the basic materials company’s stock worth $391,362,000 after acquiring an additional 119,145 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Southern Copper by 43.4% in the third quarter. Neuberger Berman Group LLC now owns 2,556,261 shares of the basic materials company’s stock worth $142,523,000 after acquiring an additional 773,907 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Southern Copper by 55.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,928,568 shares of the basic materials company’s stock worth $119,011,000 after acquiring an additional 691,883 shares in the last quarter. Marathon Asset Mgmt Ltd acquired a new position in shares of Southern Copper in the third quarter worth about $99,698,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Southern Copper by 106.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,310,987 shares of the basic materials company’s stock worth $80,901,000 after acquiring an additional 675,694 shares in the last quarter. Institutional investors and hedge funds own 7.04% of the company’s stock.

Southern Copper stock opened at $63.00 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.30 and a current ratio of 2.73. The stock has a fifty day moving average of $72.37 and a two-hundred day moving average of $65.87. The company has a market capitalization of $48.70 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.98 and a beta of 1.05. Southern Copper has a fifty-two week low of $54.92 and a fifty-two week high of $83.29.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 2nd. Shareholders of record on Tuesday, February 15th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 6.35%. The ex-dividend date of this dividend was Monday, February 14th. Southern Copper’s dividend payout ratio is presently 90.91%.

About Southern Copper (Get Rating)

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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