Insider Selling: Southern Copper (NYSE:SCCO) Director Sells $39,830.00 in Stock

Southern Copper Corporation (NYSE:SCCO) Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction dated 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. The trade was a 10.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through 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 stock was 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 Performance

Shares of SCCO stock opened at $199.38 on Friday. Southern Copper Corporation has a 12 month low of $92.57 and a 12 month high of $223.88. The company’s fifty day simple moving average is $181.84 and its 200-day simple moving average is $184.71. The firm has a market cap of $164.70 billion, a PE ratio of 29.15, a P/E/G ratio of 1.66 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.

Shares of Southern Copper are set to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be distributed to shareholders after the market closes on Monday, August 10th.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results 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 net margin of 35.87% and a return on equity of 49.04%. The firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper’s revenue was up 40.6% compared to the same quarter last year. Equities research analysts expect that Southern Copper Corporation will post 7.63 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is 58.48%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System increased its stake in Southern Copper by 21.2% in the first quarter. California Public Employees Retirement System now owns 192,523 shares of the basic materials company’s stock valued at $33,126,000 after acquiring an additional 33,638 shares during the last quarter. Savvy Advisors Inc. bought a new stake in Southern Copper during the fourth quarter worth $1,434,000. Oak Harvest Investment Services acquired a new stake in shares of Southern Copper in the 4th quarter valued at $7,650,000. US Bancorp DE boosted its holdings in shares of Southern Copper by 16.2% in the 4th quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after purchasing an additional 10,360 shares in the last quarter. Finally, RFG Advisory LLC bought a new position in shares of Southern Copper in the 4th quarter valued at $1,147,000. 7.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SCCO has been the topic of several analyst reports. JPMorgan Chase & Co. upped their target price on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a report on Wednesday, June 17th. Barclays set a $166.00 price target on Southern Copper and gave the company an “underweight” rating in a research note on Thursday, July 23rd. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a research note on Friday, April 10th. Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Finally, Morgan Stanley boosted their target price on shares of Southern Copper from $146.00 to $158.00 and gave the stock an “underweight” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper currently has a consensus rating of “Reduce” and a consensus price target 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.