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

Key Points

• Southern Copper director Bonilla Luis Miguel Palomino sold 100 shares at an average price of $179, generating $17,900 and reducing his direct holdings by 5.87% to 1,603 shares.
• SCCO shares traded near $179, while the company reported quarterly EPS of $2.01, beating estimates, and revenue rose 40.6% year over year to $4.29 billion.
• Southern Copper raised its quarterly dividend to $1.10 per share, implying a 2.5% yield; however, analysts maintain a consensus “Reduce” rating with an average price target of $148.60.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 100 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $179.00, for a total value of $17,900.00. Following the transaction, the director directly owned 1,603 shares in the company, valued at approximately $286,937. This represents a 5.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• 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 stock was 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 transaction of $17,820.00.

Southern Copper Stock Performance

Shares of Southern Copper stock traded down $0.24 during trading on Tuesday, hitting $179.08. 664,310 shares of the stock were exchanged, compared to its average volume of 1,708,198. The stock's fifty day moving average is $180.91 and its 200 day moving average is $183.75. 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 stock has a market cap of $147.93 billion, a PE ratio of 26.13, a P/E/G ratio of 1.54 and a beta of 1.11. Southern Copper Corporation has a 12 month low of $88.73 and a 12 month high of $223.88.

Southern Copper shares are scheduled to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes 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 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. The company had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The business's quarterly revenue was up 40.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 11th. Southern Copper's dividend payout ratio is presently 64.33%.

Institutional Investors Weigh In On Southern Copper

A number of large investors have recently added to or reduced their stakes in SCCO. State Street Corp grew its stake in Southern Copper by 2.4% in the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company's stock valued at $410,646,000 after buying an additional 66,268 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company's stock valued at $363,873,000 after purchasing an additional 7,194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Southern Copper by 8.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company's stock worth $169,480,000 after acquiring an additional 90,237 shares during the period. Vanguard Group Inc. boosted its holdings in Southern Copper by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company's stock valued at $141,149,000 after purchasing an additional 33,804 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Southern Copper by 1.5% in the 3rd quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company's stock valued at $116,012,000 after purchasing an additional 14,212 shares in the last quarter. Institutional investors own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SCCO. Zacks Research upgraded shares of Southern Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 9th. The Goldman Sachs Group raised shares of Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target on the stock in a research note on Friday, April 10th. Morgan Stanley lifted their price objective on Southern Copper from $146.00 to $158.00 and gave the company an "underweight" rating in a research report on Wednesday, July 8th. Scotiabank reaffirmed an "underperform" rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Finally, UBS Group reiterated a "sell" rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and seven have given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $148.60.

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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