Southern Copper said on January 26, 2023 that its board of directors declared a regular quarterly dividend of $1.00 per share ($4.00 annualized). Shareholders of record as of February 13, 2023 will receive the payment on March 1, 2023. Previously, the company paid $0.50 per share.
At the current share price of $75.21 / share, the stock's dividend yield is 5.32%. Looking back five years and taking a sample every week, the average dividend yield has been 4.53%, the lowest has been 1.74%, and the highest has been 10.46%. The standard deviation of yields is 1.64 (n=237).
The current dividend yield is 0.48 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.05. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 1.19%, demonstrating that it has increased its dividend over time.
Analyst Price Forecast Suggests 25.41% Downside
As of January 27, 2023, the average one-year price target for Southern Copper is $56.10. The forecasts range from a low of $36.36 to a high of $72.45. The average price target represents a decrease of 25.41% from its latest reported closing price of $75.21.
The projected annual revenue for Southern Copper is $9,768MM, a decrease of 2.82%. The projected annual EPS is $2.95, a decrease of 11.16%.
Fund Sentiment
There are 766 funds or institutions reporting positions in Southern Copper. This is a decrease of 9 owner(s) or 1.16%.
Average portfolio weight of all funds dedicated to US:SCCO is 0.1943%, an increase of 2.5081%. Total shares owned by institutions decreased in the last three months by 1.88% to 59,580K shares.
What are large shareholders doing?
Price T Rowe Associates holds 4,325,160 shares representing 0.56% ownership of the company. In it's prior filing, the firm reported owning 4,179,899 shares, representing an increase of 3.36%. The firm decreased its portfolio allocation in SCCO by 46.17% over the last quarter.
Fisher Asset Management holds 3,448,900 shares representing 0.45% ownership of the company. In it's prior filing, the firm reported owning 3,580,847 shares, representing a decrease of 3.83%. The firm decreased its portfolio allocation in SCCO by 8.16% over the last quarter.
FIL holds 3,022,718 shares representing 0.39% ownership of the company. In it's prior filing, the firm reported owning 2,719,186 shares, representing an increase of 10.04%. The firm increased its portfolio allocation in SCCO by 8.15% over the last quarter.
Goldman Sachs Group holds 1,470,310 shares representing 0.19% ownership of the company. In it's prior filing, the firm reported owning 1,346,671 shares, representing an increase of 8.41%. The firm increased its portfolio allocation in SCCO by 0.56% over the last quarter.
Mirae Asset Global Investments Co. holds 1,416,857 shares representing 0.18% ownership of the company. In it's prior filing, the firm reported owning 1,315,766 shares, representing an increase of 7.13%. The firm decreased its portfolio allocation in SCCO by 42.94% over the last quarter.
Southern Copper Background Information
(This description is provided by the company.)
Southern Copper Corporation is one of the largest integrated copper producers in the world and has the largest copper reserves of the industry. The company is a NYSE and Lima Stock Exchange listed company that is 88.9% owned by Grupo Mexico, a Mexican company listed on the Mexican Stock Exchange. The remaining 11.1% ownership interest is held by the international investment community. Southern Copper Corp. operates mining units and metallurgical facilities in Mexico, Peru and conduct exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
