Wall Street analysts forecast that Southern Copper Corp (NYSE:SCCO) will post $1.94 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Southern Copper’s earnings, with estimates ranging from $1.89 billion to $1.99 billion. Southern Copper reported sales of $1.68 billion during the same quarter last year, which would suggest a positive year over year growth rate of 15.5%. The firm is expected to issue its next earnings report on Friday, October 19th.
On average, analysts expect that Southern Copper will report full year sales of $7.40 billion for the current year, with estimates ranging from $7.11 billion to $7.61 billion. For the next fiscal year, analysts forecast that the business will report sales of $8.35 billion, with estimates ranging from $8.08 billion to $8.78 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Southern Copper.
Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Wednesday, August 1st. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.11). The business had revenue of $1.84 billion for the quarter. Southern Copper had a return on equity of 15.48% and a net margin of 13.78%.
Several equities analysts have recently weighed in on SCCO shares. ValuEngine downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Santander downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Tuesday. Citigroup upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $43.00 target price on the stock in a research report on Monday, October 8th. B. Riley decreased their target price on 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 target price on Southern Copper and gave the company a “sell” rating in a research report on Monday, August 6th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Southern Copper currently has a consensus rating of “Hold” and an average price target of $45.94.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its holdings in shares of Southern Copper by 2.5% in the first quarter. Wells Fargo & Company MN now owns 63,425 shares of the basic materials company’s stock valued at $3,436,000 after purchasing an additional 1,532 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Southern Copper by 46.5% in the first quarter. JPMorgan Chase & Co. now owns 149,355 shares of the basic materials company’s stock valued at $8,091,000 after purchasing an additional 47,393 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Southern Copper by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,709 shares of the basic materials company’s stock valued at $634,000 after purchasing an additional 1,549 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Southern Copper by 3.2% in the first quarter. Principal Financial Group Inc. now owns 128,496 shares of the basic materials company’s stock valued at $6,962,000 after purchasing an additional 3,967 shares during the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in shares of Southern Copper in the first quarter valued at approximately $217,000. Institutional investors and hedge funds own 7.50% of the company’s stock.
SCCO stock traded down $1.72 during mid-day trading on Friday, reaching $38.28. 1,787,900 shares of the company’s stock were exchanged, compared to its average volume of 873,301. The company has a market capitalization of $30.92 billion, a P/E ratio of 25.97 and a beta of 0.54. Southern Copper has a 12-month low of $38.15 and a 12-month high of $58.09. The company has a current ratio of 3.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.91.
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.
Featured Article: Intrinsic Value
Get a free copy of the Zacks research report on Southern Copper (SCCO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Southern Copper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southern Copper and related companies with MarketBeat.com's FREE daily email newsletter.