Insider Selling: Southern Copper (NYSE:SCCO) Director Sells $17,900.00 in Stock

Southern Copper Corporation (NYSE:SCCO) Director Bonilla Luis Miguel Palomino sold 100 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $179.00, for a total transaction of $17,900.00. Following the completion of the sale, the director directly owned 1,603 shares of the company’s stock, valued at $286,937. The trade was a 5.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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 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 stock was sold at an average price of $177.82, for a total value 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 value of $17,820.00.

Southern Copper Stock Up 5.4%

Shares of Southern Copper stock opened at $184.95 on Friday. The business has a 50-day moving average price of $181.24 and a 200 day moving average price of $184.13. Southern Copper Corporation has a fifty-two week low of $89.87 and a fifty-two week high of $223.88. The firm has a market cap of $152.78 billion, a P/E ratio of 27.04, a P/E/G ratio of 1.51 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Shares of Southern Copper are going to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be issued to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO) last released its earnings results 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 company’s quarterly revenue was up 40.6% on a year-over-year basis. On average, sell-side analysts forecast that Southern Copper Corporation will post 7.63 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is currently 64.33%.

Institutional Trading of Southern Copper

Several hedge funds have recently bought and sold shares of SCCO. SHP Wealth Management bought a new position in Southern Copper in the 4th quarter worth about $25,000. Lloyd Advisory Services LLC. bought a new stake in shares of Southern Copper during the fourth quarter valued at approximately $29,000. Virtus Advisers LLC bought a new stake in shares of Southern Copper during the fourth quarter valued at approximately $29,000. Godfrey Financial Associates Inc. acquired a new position in shares of Southern Copper during the fourth quarter worth approximately $30,000. Finally, IFP Advisors Inc boosted 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 buying an additional 161 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on SCCO. Wells Fargo & Company lifted their price objective on shares of Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Zacks Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. Barclays set a $166.00 price target on shares of Southern Copper and gave the stock an “underweight” rating in a research report on Thursday, July 23rd. Morgan Stanley lifted their price target on shares of Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a report on Wednesday, July 8th. Finally, UBS Group reaffirmed a “sell” rating and set a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently 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.