Southern Copper Corporation $SCCO Stock: Calamos Advisors LLC Decreases Stake

Key Points

• Calamos Advisors reduced its Southern Copper stake by 22.6% in the third quarter, selling 21,279 shares; it held 72,866 shares valued at about $14.8 million afterward.
• Southern Copper beat quarterly estimates, reporting EPS of $2.13 versus $2.01 expected and revenue of $4.70 billion versus $4.49 billion. It also raised its quarterly dividend to $1.30 per share from $1.10.
• Analyst sentiment was largely cautious: the stock had a consensus “Reduce” rating and an average price target of $159.26.

Calamos Advisors LLC lessened its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 22.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,866 shares of the basic materials company's stock after selling 21,279 shares during the quarter. Calamos Advisors LLC's holdings in Southern Copper were worth $14,766,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of SCCO. Bell Investment Advisors Inc acquired a new position in Southern Copper during the 2nd quarter worth approximately $26,000. Rakuten Securities Inc. bought a new position in shares of Southern Copper during the 2nd quarter worth approximately $28,000. Compass Financial Management LLC bought a new position in shares of Southern Copper during the 2nd quarter worth approximately $41,000. Caitlin John LLC acquired a new stake in shares of Southern Copper in the second quarter valued at approximately $43,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Southern Copper in the second quarter valued at approximately $47,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Stock Up 1.0%

Shares of SCCO stock opened at $167.10 on Friday. Southern Copper Corporation has a 52-week low of $119.25 and a 52-week high of $223.88. The stock has a market cap of $139.42 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 1.54 and a beta of 1.15. The firm's 50-day moving average is $194.62 and its 200-day moving average is $185.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 4.56 and a current ratio of 4.31.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The basic materials company reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.12. The business had revenue of $4.70 billion during the quarter, compared to analysts' expectations 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 company posted $1.34 earnings per share. Sell-side analysts predict that Southern Copper Corporation will post 8.01 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be given a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This is a positive change from Southern Copper's previous quarterly dividend of $1.10. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.1%. Southern Copper's payout ratio is 68.06%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SCCO shares. Barclays set a $163.27 price objective on shares of Southern Copper and gave the stock an "underweight" rating in a research report on Monday, October 26th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Saturday. Morgan Stanley reaffirmed an "underweight" rating and issued a $168.22 target price on shares of Southern Copper in a research report on Wednesday, October 7th. Wells Fargo & Company set a $190.98 price target on shares of Southern Copper and gave the company an "equal weight" rating in a research note on Friday, October 23rd. Finally, CICC Research cut shares of Southern Copper to a "market perform" rating in a research report on Sunday, July 26th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $159.26.

Southern Copper Company Profile

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.

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