Zacks: Analysts Expect Southern Copper Corp (SCCO) Will Announce Quarterly Sales of $1.85 Billion

Wall Street brokerages expect that Southern Copper Corp (NYSE:SCCO) will report $1.85 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Southern Copper’s earnings. The lowest sales estimate is $1.76 billion and the highest is $1.94 billion. Southern Copper reported sales of $1.86 billion during the same quarter last year, which indicates a negative year over year growth rate of 0.5%. The business is expected to announce its next earnings report on Wednesday, January 23rd.

On average, analysts expect that Southern Copper will report full year sales of $7.22 billion for the current fiscal year, with estimates ranging from $7.16 billion to $7.34 billion. For the next financial year, analysts forecast that the business will report sales of $8.18 billion, with estimates ranging from $7.56 billion to $8.78 billion. Zacks’ sales averages are an average based on a survey of research analysts that follow Southern Copper.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). Southern Copper had a net margin of 13.24% and a return on equity of 14.97%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.80 billion.

A number of research analysts recently commented on SCCO shares. Santander downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. Citigroup downgraded shares of Southern Copper from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $43.00 to $33.00 in a research report on Monday, November 12th. UBS Group raised shares of Southern Copper from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a research report on Friday, November 2nd. B. Riley lowered their price objective on shares of Southern Copper from $55.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 19th. Finally, Scotiabank set a $40.00 price objective on shares of Southern Copper and gave the company a “sell” rating in a research report on Monday, August 6th. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $43.31.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position in Southern Copper by 2.5% in the third quarter. BlackRock Inc. now owns 6,266,845 shares of the basic materials company’s stock worth $270,352,000 after acquiring an additional 150,890 shares in the last quarter. Fisher Asset Management LLC grew its position in Southern Copper by 319.6% in the third quarter. Fisher Asset Management LLC now owns 4,595,692 shares of the basic materials company’s stock worth $198,258,000 after acquiring an additional 3,500,463 shares in the last quarter. Acadian Asset Management LLC grew its position in Southern Copper by 2.8% in the third quarter. Acadian Asset Management LLC now owns 3,609,257 shares of the basic materials company’s stock worth $155,705,000 after acquiring an additional 99,708 shares in the last quarter. Deutsche Bank AG grew its position in Southern Copper by 78.0% in the third quarter. Deutsche Bank AG now owns 1,609,576 shares of the basic materials company’s stock worth $69,434,000 after acquiring an additional 705,200 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its stake in shares of Southern Copper by 36.3% in the third quarter. William Blair Investment Management LLC now owns 1,188,036 shares of the basic materials company’s stock worth $51,252,000 after buying an additional 316,597 shares during the last quarter. 7.32% of the stock is owned by institutional investors.

SCCO traded up $0.22 on Friday, reaching $33.70. 1,608,400 shares of the company traded hands, compared to its average volume of 1,011,400. Southern Copper has a 52-week low of $31.17 and a 52-week high of $58.09. The company has a quick ratio of 1.88, a current ratio of 2.71 and a debt-to-equity ratio of 0.90.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 7th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend was Tuesday, November 6th.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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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