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

Key Points

• Director Luis Palomino Bonilla sold 100 Southern Copper shares at an average price of $210, generating $21,000 and reducing his position by 6.24% to 1,503 shares. He has also made several additional sales since late July.
• Southern Copper shares fell 6.2% to $196.25 during Thursday trading, though the company reported quarterly EPS of $1.99, beating estimates, while revenue increased 40.6% year over year.
• The company raised its quarterly dividend to $1.10 per share, equivalent to a $4.40 annualized payout and a 2.2% yield. Despite some positive analyst views, the consensus rating is “Reduce,” with a target price of $146.84.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Luis Palomino Bonilla sold 100 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $210.00, for a total value of $21,000.00. Following the sale, the director owned 1,503 shares in the company, valued at $315,630. The trade was a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Friday, September 4th, Luis Palomino Bonilla sold 100 shares of Southern Copper stock. The stock was sold at an average price of $200.00, for a total transaction of $20,000.00.
• On Tuesday, August 4th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The shares were sold at an average price of $192.69, for a total transaction of $19,461.46.
• On Wednesday, August 5th, Luis Palomino Bonilla sold 202 shares of Southern Copper stock. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28.
• On Friday, July 24th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The stock was sold at an average price of $176.88, for a total transaction of $17,864.62.

Southern Copper Trading Down 6.2%

Shares of NYSE SCCO traded down $13.01 during midday trading on Thursday, hitting $196.25. The company's stock had a trading volume of 588,975 shares, compared to its average volume of 1,605,909. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The business's 50 day moving average is $189.67 and its two-hundred day moving average is $184.30. Southern Copper Corporation has a 12-month low of $101.77 and a 12-month high of $223.88. The firm has a market cap of $163.74 billion, a P/E ratio of 28.71, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.93 by $0.06. The firm had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm's quarterly revenue was up 40.6% compared to the same quarter last year. As a group, equities research analysts expect that Southern Copper Corporation will post 7.59 EPS for the current year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Tuesday, August 11th. Southern Copper's dividend payout ratio is 64.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SCCO shares. Weiss Ratings upgraded Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Citigroup reiterated a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. UBS Group restated a "sell" rating and set a $158.10 target price (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. CICC Research lowered Southern Copper to a "market perform" rating in a research report on Sunday, July 26th. Finally, Zacks Research lowered shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat, Southern Copper presently has an average rating of "Reduce" and a consensus price target of $146.84.

Hedge Funds Weigh In On Southern Copper

Institutional investors have recently made changes to their positions in the company. Bell Investment Advisors Inc purchased a new position in shares of Southern Copper in the 2nd quarter valued at about $26,000. Rakuten Securities Inc. acquired a new stake in Southern Copper in the second quarter valued at approximately $28,000. SHP Wealth Management purchased a new position in shares of Southern Copper during the 4th quarter valued at approximately $25,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper during the 4th quarter valued at approximately $29,000. Finally, Virtus Advisers LLC acquired a new stake in Southern Copper in the 4th quarter valued at $29,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

About Southern Copper

Southern Copper Corporation NYSE: SCCO is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.

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