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

Key Points

• Director Luis Palomino Bonilla sold 100 Southern Copper shares at an average price of $200, generating $20,000 and reducing his ownership by 6.24% to 1,503 shares. He has also made several other sales since July.
• Southern Copper shares rose 1.1% to $203.84, near the upper end of their 52-week range. The company recently reported $1.99 in quarterly EPS, exceeding estimates, while revenue increased 40.6% year over year.
• The company raised its quarterly dividend to $1.10 per share, equivalent to a 2.2% yield. Despite some positive ratings, analysts overall rate the stock “Reduce,” with a consensus price target of $146.84.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Luis Palomino Bonilla sold 100 shares of the business's stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $200.00, for a total transaction of $20,000.00. Following the sale, the director owned 1,503 shares of the company's stock, valued at approximately $300,600. This represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, September 8th, Luis Palomino Bonilla sold 100 shares of Southern Copper stock. The shares were sold at an average price of $210.00, for a total value of $21,000.00.
• 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 value of $20,000.00.
• On Tuesday, August 4th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The stock was sold at an average price of $192.69, for a total value of $19,461.46.
• On Wednesday, August 5th, Luis Palomino Bonilla sold 202 shares of Southern Copper stock. The shares were 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 Stock Up 1.1%

Shares of NYSE:SCCO traded up $2.26 during trading on Friday, hitting $203.84. The company's stock had a trading volume of 776,865 shares, compared to its average volume of 1,572,987. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper Corporation has a fifty-two week low of $116.93 and a fifty-two week high of $223.88. The stock's 50-day moving average price is $194.83 and its two-hundred day moving average price is $183.63. The company has a market capitalization of $170.07 billion, a PE ratio of 29.80, a PEG ratio of 1.84 and a beta of 1.14.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping analysts' consensus estimates of $1.93 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%. The company's revenue was up 40.6% compared to the same quarter last year. As a group, sell-side analysts expect that Southern Copper Corporation will post 7.83 EPS for the current year.

Southern Copper Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Southern Copper from $125.49 to $129.94 and gave the stock an "underweight" rating in a research report on Wednesday, June 17th. Wells Fargo & Company lifted their price target on Southern Copper from $168.97 to $169.96 and gave the company an "equal weight" rating in a report on Thursday, July 9th. Zacks Research lowered shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. CICC Research lowered shares of Southern Copper to a "market perform" rating in a research note on Sunday, July 26th. Finally, Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a research report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $146.84.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. QRG Capital Management Inc. grew its stake in shares of Southern Copper by 4.9% in the second quarter. QRG Capital Management Inc. now owns 1,891 shares of the basic materials company's stock worth $330,000 after acquiring an additional 89 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Southern Copper during the second quarter worth about $425,000. Andra AP fonden raised its holdings in Southern Copper by 52.6% in the 2nd quarter. Andra AP fonden now owns 110,625 shares of the basic materials company's stock valued at $19,278,000 after acquiring an additional 38,151 shares in the last quarter. Talon Private Wealth LLC acquired a new stake in shares of Southern Copper during the 2nd quarter worth approximately $225,000. Finally, Sequoia Financial Advisors LLC boosted its stake in Southern Copper by 3.4% during the second quarter. Sequoia Financial Advisors LLC now owns 11,877 shares of the basic materials company's stock worth $2,070,000 after buying an additional 387 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

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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