Southern Copper Corporation (NYSE:SCCO) Director Sells $39,000.00 in Stock

Key Points

• Director Bonilla Luis Miguel Palomino of Southern Copper Corporation sold 400 shares, totaling $39,000, which decreased his ownership by 12.73%.
• The company's stock price dropped 3.4% to $96.71, with a market capitalization of $77.76 billion and a P/E ratio of 21.12.
• Southern Copper announced a dividend increase to $1.01 per share from the previous $0.62, reflecting a dividend yield of 270.0% and a payout ratio of 61.27%.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 400 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $97.50, for a total value of $39,000.00. Following the transaction, the director directly owned 2,741 shares of the company's stock, valued at approximately $267,247.50. This represents a 12.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Southern Copper Stock Down 3.4%

Shares of Southern Copper stock traded down $3.40 on Monday, hitting $96.71. The company had a trading volume of 697,467 shares, compared to its average volume of 1,449,503. The stock has a market capitalization of $77.76 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 1.44 and a beta of 1.00. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $121.44. The stock has a 50 day moving average of $97.78 and a 200-day moving average of $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 Increases Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SCCO. UBS Group lowered Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 target price for the company. in a research report on Tuesday, July 1st. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. decreased their target price on Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a research report on Thursday, July 3rd. Hsbc Global Res raised Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, Morgan Stanley reaffirmed an "underweight" rating and issued a $99.00 target price (up from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $91.00.

Hedge Funds Weigh In On Southern Copper

Several institutional investors have recently modified their holdings of SCCO. Cullen Frost Bankers Inc. lifted its position in shares of Southern Copper by 117.6% during the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after acquiring an additional 147 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Southern Copper during the first quarter worth $29,000. Tobam purchased a new stake in shares of Southern Copper during the second quarter worth $29,000. Westside Investment Management Inc. purchased a new stake in shares of Southern Copper during the second quarter worth $32,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Southern Copper during the first quarter worth $34,000. 7.94% of the stock is owned by institutional investors.

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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