Bonilla Luis Miguel Palomino Sells 414 Shares of Southern Copper Corporation (NYSE:SCCO) Stock

Key Points

• Bonilla Luis Miguel Palomino, a director at Southern Copper Corporation, sold 414 shares of the company at an average price of $100 each, totaling $41,400, which resulted in a 15.10% decrease in his ownership.
• Southern Copper announced a dividend of $1.01 to be paid on September 4th, increasing from the previous dividend of $0.62, representing a substantial increase in dividend yield.
• Institutional investors have recently increased their holdings in Southern Copper, indicating growing interest, with notable purchases made by Teacher Retirement System of Texas and Golden State Wealth Management.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 414 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the transaction, the director owned 2,327 shares of the company's stock, valued at $232,700. The trade was a 15.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

• On Thursday, August 7th, Bonilla Luis Miguel Palomino sold 400 shares of Southern Copper stock. The stock was sold at an average price of $97.50, for a total transaction of $39,000.00.

Southern Copper Trading Up 2.4%

Shares of NYSE:SCCO traded up $2.32 during trading on Tuesday, reaching $98.44. The stock had a trading volume of 523,136 shares, compared to its average volume of 1,448,948. The firm's fifty day moving average is $97.85 and its 200 day moving average is $93.73. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The stock has a market cap of $79.15 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.44 and a beta of 1.00.

Southern Copper Increases Dividend

The company also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be paid a $1.01 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 270.0%. This is an increase from Southern Copper's previous -- dividend of $0.62. Southern Copper's payout ratio is currently 61.27%.

Institutional Investors Weigh In On Southern Copper

Institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas bought a new position in Southern Copper during the first quarter worth $2,637,000. Golden State Wealth Management LLC bought a new position in Southern Copper during the first quarter worth $29,000. Oppenheimer & Co. Inc. bought a new position in Southern Copper during the first quarter worth $337,000. GAMMA Investing LLC raised its holdings in Southern Copper by 35.2% during the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after buying an additional 236 shares during the last quarter. Finally, Novem Group raised its holdings in Southern Copper by 34.4% during the first quarter. Novem Group now owns 10,758 shares of the basic materials company's stock worth $1,005,000 after buying an additional 2,754 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

SCCO has been the subject of a number of research analyst reports. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 24th. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price on the stock. in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a report on Thursday, July 3rd. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $91.00.

About Southern Copper

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

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