Southern Copper Corp (NYSE:SCCO) announced a quarterly dividend on Tuesday, April 16th, Wall Street Journal reports. Investors of record on Friday, May 3rd will be paid a dividend of 0.40 per share by the basic materials company on Friday, May 17th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Thursday, May 2nd.
Southern Copper has increased its dividend payment by an average of 60.3% per year over the last three years and has increased its dividend every year for the last 2 years. Southern Copper has a payout ratio of 68.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Southern Copper to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 69.0%.
Shares of SCCO stock opened at $41.27 on Wednesday. Southern Copper has a 52-week low of $29.01 and a 52-week high of $58.09. The company has a quick ratio of 1.77, a current ratio of 2.61 and a debt-to-equity ratio of 0.90.
A number of equities research analysts recently issued reports on SCCO shares. Itau BBA Securities raised Southern Copper from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research note on Wednesday, January 16th. Goldman Sachs Group started coverage on Southern Copper in a research note on Tuesday, February 19th. They set a “buy” rating for the company. Bank of America started coverage on Southern Copper in a report on Tuesday, January 29th. They set a “buy” rating and a $39.00 price objective on the stock. HSBC upgraded Southern Copper from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, March 19th. Finally, Zacks Investment Research upgraded Southern Copper from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 18th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $41.86.
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About Southern Copper
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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