Insider Selling: Southern Copper (NYSE:SCCO) Director Sells $17,820.00 in Stock

Southern Copper Corporation (NYSE:SCCO) Director Bonilla Luis Miguel Palomino sold 100 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $178.20, for a total value of $17,820.00. Following the completion of the sale, the director owned 2,007 shares in the company, valued at $357,647.40. The trade was a 4.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, March 13th, Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock. The stock was 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 stock was sold at an average price of $190.00, for a total value of $1,330.00.

Southern Copper Stock Performance

Shares of SCCO opened at $174.56 on Thursday. The business’s fifty day simple moving average is $178.16 and its two-hundred day simple moving average is $169.04. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 12 month low of $88.73 and a 12 month high of $223.88. The company has a market cap of $142.98 billion, a price-to-earnings ratio of 28.85, a P/E/G ratio of 1.66 and a beta of 1.07.

Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 EPS for the quarter, beating the consensus estimate of $1.88 by $0.04. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%.The business had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. Research analysts anticipate that Southern Copper Corporation will post 6.97 earnings per share for the current fiscal year.

Southern Copper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, May 13th. Southern Copper’s dividend payout ratio (DPR) is currently 66.12%.

Analyst Upgrades and Downgrades

SCCO has been the topic of several recent analyst reports. Morgan Stanley increased their target price on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a research note on Thursday, April 9th. JPMorgan Chase & Co. increased their target price on Southern Copper from $117.50 to $127.00 and gave the company an “underweight” rating in a research note on Friday, April 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Southern Copper in a research note on Friday, March 27th. Bank of America downgraded Southern Copper from a “neutral” rating to an “underperform” rating and increased their target price for the company from $162.00 to $175.00 in a research note on Thursday, February 26th. Finally, Scotiabank reiterated an “underperform” rating and set a $135.00 target price (up from $133.00) on shares of Southern Copper in a research note on Friday, May 15th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $144.43.

Hedge Funds Weigh In On Southern Copper

Several hedge funds and other institutional investors have recently modified their holdings of the company. Intech Investment Management LLC lifted its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock valued at $865,000 after buying an additional 50 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Southern Copper by 0.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock valued at $871,000 after buying an additional 51 shares during the period. Steel Grove Capital Advisors LLC lifted its holdings in shares of Southern Copper by 1.8% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock valued at $417,000 after buying an additional 52 shares during the period. Ensign Peak Advisors Inc lifted its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock valued at $915,000 after buying an additional 53 shares during the period. Finally, Venture Visionary Partners LLC lifted its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock valued at $1,004,000 after buying an additional 53 shares during the period. 7.94% of the stock is owned by institutional investors.

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.