Bonilla Luis Miguel Palomino Sells 100 Shares of Southern Copper (NYSE:SCCO) Stock

Southern Copper Corporation (NYSE:SCCO) Director Luis Palomino Bonilla sold 100 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $200.00, for a total value of $20,000.00. Following the completion of the transaction, the director directly owned 1,603 shares in the company, valued at $320,600. This trade represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Tuesday, August 4th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The shares were sold at an average price of $192.69, for a total value of $19,461.46.
• On Wednesday, August 5th, Luis Palomino Bonilla sold 202 shares of Southern Copper stock. The stock was sold at an average price of $196.79, for a total value of $39,751.28.
• On Friday, July 24th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The stock was sold at an average price of $176.88, for a total value of $17,864.62.

Southern Copper Trading Up 0.6%

Shares of NYSE:SCCO opened at $209.76 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a 1 year low of $100.43 and a 1 year high of $223.88. The company has a market cap of $175.01 billion, a P/E ratio of 30.67, a PEG ratio of 1.92 and a beta of 1.14. The stock’s fifty day moving average price is $189.67 and its 200-day moving average price is $184.30.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. The firm’s revenue was up 40.6% compared to the same quarter last year. Sell-side analysts expect that Southern Copper Corporation will post 7.59 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid a $1.10 dividend. This is a boost 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 2.1%. The ex-dividend date was Tuesday, August 11th. Southern Copper’s dividend payout ratio (DPR) is presently 64.33%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SCCO shares. Scotiabank restated an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. UBS Group reiterated a “sell” rating and set a $158.10 target price (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Morgan Stanley raised their price target on Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Zacks Research lowered Southern Copper from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Finally, Citigroup reiterated a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $146.84.

Hedge Funds Weigh In On Southern Copper

Hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its position in shares of Southern Copper by 8,035.9% during the second quarter. California State Teachers Retirement System now owns 20,545,080 shares of the basic materials company’s stock worth $3,580,186,000 after purchasing an additional 20,292,556 shares in the last quarter. BlackRock Inc. purchased a new position in Southern Copper in the 2nd quarter worth approximately $1,729,500,000. Bank of America Corp DE bought a new position in Southern Copper in the 2nd quarter worth approximately $318,448,000. Legal & General Group Plc purchased a new stake in Southern Copper during the 2nd quarter valued at approximately $149,739,000. Finally, Norges Bank bought a new stake in shares of Southern Copper during the fourth quarter valued at approximately $97,645,000. 7.94% of the stock is currently owned by institutional investors.

About Southern Copper

Southern Copper Corporation (NYSE: SCCO) is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.