Bonilla Luis Miguel Palomino Sells 100 Shares of Southern Copper (NYSE:SCCO) Stock

Key Points

• Director Bonilla Luis Miguel Palomino sold 100 Southern Copper shares at an average price of $195, generating $19,500 and reducing his position by 4.99% to 1,903 shares. He has made several additional sales in recent months.
• Southern Copper shares rose 1.1% to $197.27, while the company announced a 1.012-for-1 stock split effective August 11 and increased its quarterly dividend to $1.10 per share, yielding about 2.2% annually.
• The company beat quarterly EPS expectations, reporting $2.01 versus the $1.95 consensus, although revenue of $4.29 billion fell short of estimates. Analysts remain cautious, with a consensus “Reduce” rating and a $148.60 target price.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 100 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $195.00, for a total value of $19,500.00. Following the completion of the transaction, the director owned 1,903 shares in the company, valued at $371,085. This trade represents a 4.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Bonilla Luis Miguel Palomino also recently made the following trade(s):

• On Wednesday, August 5th, Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock. The stock was sold at an average price of $199.15, for a total value of $39,830.00.
• On Friday, July 24th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The stock was sold at an average price of $179.00, for a total value of $17,900.00.
• On Friday, June 5th, Bonilla Luis Miguel Palomino sold 4 shares of Southern Copper stock. The shares were sold at an average price of $181.00, for a total transaction of $724.00.
• On Tuesday, June 2nd, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The shares were sold at an average price of $200.00, for a total transaction of $20,000.00.
• On Thursday, May 21st, Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00.
• On Friday, May 15th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The stock was sold at an average price of $178.20, for a total value of $17,820.00.

Southern Copper Stock Up 1.1%

Shares of NYSE:SCCO traded up $2.11 on Wednesday, reaching $197.27. The company had a trading volume of 1,281,125 shares, compared to its average volume of 1,685,564. The stock has a market capitalization of $162.96 billion, a P/E ratio of 28.84, a P/E/G ratio of 1.60 and a beta of 1.11. The stock has a 50-day moving average price of $181.54 and a 200 day moving average price of $184.40. Southern Copper Corporation has a twelve month low of $92.57 and a twelve month high of $223.88. The company has a quick ratio of 3.89, a current ratio of 5.06 and a debt-to-equity ratio of 0.63.

Shares of Southern Copper are set to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.06. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. Southern Copper's quarterly revenue was up 40.6% on a year-over-year basis. On average, equities analysts expect that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, August 11th. This is an increase from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's dividend payout ratio is currently 58.48%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SCCO shares. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a research report on Wednesday, June 17th. Zacks Research raised shares of Southern Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 9th. Barclays set a $166.00 price target on shares of Southern Copper and gave the stock an "underweight" rating in a research report on Thursday, July 23rd. Weiss Ratings upgraded Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 28th. Finally, Scotiabank reiterated an "underperform" rating and issued a $140.00 price target (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat.com, Southern Copper has a consensus rating of "Reduce" and a consensus target price of $148.60.

Hedge Funds Weigh In On Southern Copper

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Southern Copper in the fourth quarter valued at approximately $97,645,000. Capital Research Global Investors acquired a new stake in Southern Copper in the fourth quarter worth about $81,039,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Southern Copper in the first quarter worth about $85,342,000. Arrowstreet Capital Limited Partnership bought a new stake in Southern Copper during the 4th quarter worth about $46,560,000. Finally, USS Investment Management Ltd boosted its stake in shares of Southern Copper by 904.8% in the 4th quarter. USS Investment Management Ltd now owns 301,655 shares of the basic materials company's stock valued at $43,272,000 after purchasing an additional 271,634 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

About Southern Copper

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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