Insider Selling: Southern Copper (NYSE:SCCO) Director Sells $20,000.00 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 Tuesday, June 2nd. The stock was sold at an average price of $200.00, for a total value of $20,000.00. Following the completion of the sale, the director owned 1,707 shares in the company, valued at approximately $341,400. This represents a 5.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

• 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 value of $35,564.00.
• On Friday, May 15th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The shares were sold at an average price of $178.20, for a total value of $17,820.00.
• 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 Down 1.2%

Shares of SCCO opened at $194.21 on Friday. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a market capitalization of $159.07 billion, a PE ratio of 32.10, a price-to-earnings-growth ratio of 1.85 and a beta of 1.09. The stock has a fifty day simple moving average of $182.14 and a two-hundred day simple moving average of $173.32. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.04. The business had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%. As a group, equities analysts forecast that Southern Copper Corporation will post 7.25 EPS for the current year.

Southern Copper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper’s dividend payout ratio (DPR) is presently 66.12%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in Southern Copper by 2,631.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company’s stock worth $1,631,000 after acquiring an additional 12,949 shares during the period. Principal Financial Group Inc. boosted its position in Southern Copper by 159.8% during the third quarter. Principal Financial Group Inc. now owns 10,308 shares of the basic materials company’s stock worth $1,251,000 after purchasing an additional 6,341 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of Southern Copper by 54.2% in the third quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company’s stock valued at $4,326,000 after acquiring an additional 12,532 shares in the last quarter. ICICI Prudential Asset Management Co Ltd acquired a new position in Southern Copper in the third quarter valued at $8,452,000. Finally, AE Wealth Management LLC acquired a new stake in Southern Copper during the third quarter worth about $1,531,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several recent research reports. Barclays initiated coverage on Southern Copper in a research note on Thursday, May 21st. They issued an “underweight” rating and a $148.00 price objective for the company. Wells Fargo & Company set a $171.00 price objective on Southern Copper and gave the company an “equal weight” rating in a research note on Friday, May 1st. UBS Group boosted their target price on Southern Copper from $140.00 to $145.00 and gave the stock a “sell” rating in a research note on Thursday, May 21st. Bank of America cut Southern Copper from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $162.00 to $175.00 in a research note on Thursday, February 26th. Finally, JPMorgan Chase & Co. lifted their price target on Southern Copper from $117.50 to $127.00 and gave the stock an “underweight” rating in a research report on Friday, April 10th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and an average target price of $145.14.

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.