Insider Selling: Southern Copper (NYSE:SCCO) Director Sells 100 Shares of Stock

Key Points

• Southern Copper director Bonilla Luis Miguel Palomino sold 100 shares on June 2 at $200.00 each, totaling $20,000. After the sale, he still held 1,707 shares, and the transaction reduced his ownership by 5.53%.
• The director has been actively selling shares recently, including 200 shares on May 21, 100 shares on May 15, and additional sales in March, indicating a continued pattern of insider selling.
• Southern Copper is trading near recent highs and posted solid results, with shares up 3.5% to $201.35, quarterly EPS of $1.92 beating estimates, and revenue of $4.25 billion topping expectations. The company also paid a $1.00 quarterly dividend, implying a 2.0% annualized yield.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 100 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.00, for a total value of $20,000.00. Following the completion of the transaction, the director owned 1,707 shares in the company, valued at $341,400. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• 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 value of $35,564.00.
• On Friday, May 15th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The shares were sold at an average price of $178.20, for a total value of $17,820.00.
• On Friday, March 13th, Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock. The shares were sold at an average price of $174.60, for a total value of $33,697.80.
• On Thursday, March 12th, Bonilla Luis Miguel Palomino sold 7 shares of Southern Copper stock. The shares were sold at an average price of $190.00, for a total value of $1,330.00.

Southern Copper Trading Up 3.5%

SCCO traded up $6.73 during mid-day trading on Tuesday, reaching $201.35. The stock had a trading volume of 1,230,886 shares, compared to its average volume of 1,847,703. The stock has a market capitalization of $164.92 billion, a P/E ratio of 33.28, a P/E/G ratio of 1.89 and a beta of 1.07. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. The firm's fifty day simple moving average is $179.72 and its two-hundred day simple moving average is $171.94. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 EPS for the quarter, beating analysts' consensus estimates of $1.88 by $0.04. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $3.96 billion. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%. On average, equities analysts predict that Southern Copper Corporation will post 6.93 EPS for the current year.

Southern Copper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. Southern Copper's dividend payout ratio is 66.12%.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Southern Copper in a research note on Friday, March 27th. Scotiabank reissued an "underperform" rating and issued a $135.00 price target (up from $133.00) on shares of Southern Copper in a research note on Friday, May 15th. Bank of America downgraded Southern Copper from a "neutral" rating to an "underperform" rating and increased their price target for the company from $162.00 to $175.00 in a research note on Thursday, February 26th. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, UBS Group increased their price target on Southern Copper from $140.00 to $145.00 and gave the company a "sell" rating in a research note on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $145.14.

Institutional Trading of Southern Copper

Hedge funds have recently added to or reduced their stakes in the business. Hopwood Financial Services Inc. acquired a new stake in Southern Copper during the 3rd quarter worth $25,000. SHP Wealth Management acquired a new stake in Southern Copper during the 4th quarter worth $25,000. Lloyd Advisory Services LLC. acquired a new stake in Southern Copper during the 4th quarter worth $29,000. Virtus Advisers LLC acquired a new stake in Southern Copper during the 4th quarter worth $29,000. Finally, United Community Bank acquired a new stake in Southern Copper during the 3rd quarter worth $30,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Company Profile

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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