Southern Copper (NYSE:SCCO) Director Bonilla Luis Miguel Palomino Sells 200 Shares

Key Points

• Director Bonilla Luis Miguel Palomino sold 200 Southern Copper shares at an average price of $199.15, generating $39,830 and reducing his holdings by 10.51% to 1,703 shares. He has also made several additional sales in recent months.
• Southern Copper shares rose 1.1% to $197.27, while the company announced a 1.012-for-1 stock split effective August 11. Quarterly earnings of $2.01 per share exceeded analyst expectations, although revenue came in below estimates.
• The company increased its quarterly dividend from $1.00 to $1.10 per share, implying an annualized dividend of $4.40 and a 2.2% yield. Analyst sentiment remains mixed, with MarketBeat reporting an average “Reduce” rating and a $148.60 price target.

Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 200 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $199.15, for a total value of $39,830.00. Following the transaction, the director owned 1,703 shares of the company's stock, valued at approximately $339,152.45. This represents a 10.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Tuesday, August 4th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The shares were sold at an average price of $195.00, for a total value of $19,500.00.
• On Friday, July 24th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The shares were sold at an average price of $179.00, for a total value of $17,900.00.
• 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 value of $724.00.
• On Tuesday, June 2nd, Bonilla Luis Miguel Palomino 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 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 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 Up 1.1%

Southern Copper stock traded up $2.11 during mid-day trading on Wednesday, reaching $197.27. 1,281,125 shares of the company's stock were exchanged, compared to its average volume of 1,685,564. The company has a fifty day moving average of $181.54 and a 200-day moving average of $184.40. The company has a market cap of $162.96 billion, a P/E ratio of 28.84, a P/E/G ratio of 1.60 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 5.06 and a debt-to-equity ratio of 0.63. Southern Copper Corporation has a twelve month low of $92.57 and a twelve month high of $223.88.

Southern Copper's stock is scheduled to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be payable to shareholders after the market closes on Monday, August 10th.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business had revenue of $4.29 billion for the quarter, compared to analysts' expectations of $4.37 billion. Southern Copper's revenue was up 40.6% on a year-over-year basis. Sell-side analysts expect that Southern Copper Corporation will post 7.63 EPS for the current year.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. 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 2.2%. Southern Copper's payout ratio is currently 58.48%.

Institutional Trading of Southern Copper

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SHP Wealth Management acquired a new stake in Southern Copper during the 4th quarter worth $25,000. Lloyd Advisory Services LLC. acquired a new position in Southern Copper in the fourth quarter valued at $29,000. Virtus Advisers LLC acquired a new position in Southern Copper in the fourth quarter valued at $29,000. Godfrey Financial Associates Inc. purchased a new position in shares of Southern Copper during the fourth quarter worth about $30,000. Finally, IFP Advisors Inc increased its position in shares of Southern Copper by 233.3% during the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock worth $33,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SCCO shares. Morgan Stanley increased their price objective on shares of Southern Copper from $146.00 to $158.00 and gave the company an "underweight" rating in a research report on Wednesday, July 8th. CICC Research cut shares of Southern Copper to a "market perform" rating in a research report on Sunday, July 26th. Citigroup reiterated a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. Zacks Research upgraded Southern Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 9th. Finally, Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Reduce" and an average target price of $148.60.

About Southern Copper

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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