Southern Copper (NYSE:SCCO) Director Bonilla Luis Miguel Palomino Sells 200 Shares of Stock

Southern Copper Corporation (NYSE:SCCO) Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $199.15, for a total value of $39,830.00. Following the transaction, the director directly owned 1,703 shares of the company’s stock, valued at $339,152.45. The trade was a 10.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $19,500.00.
• On Friday, July 24th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The stock was sold at an average price of $179.00, for a total transaction of $17,900.00.
• 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 shares were 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 shares were sold at an average price of $178.20, for a total value of $17,820.00.

Southern Copper Price Performance

Shares of NYSE SCCO opened at $197.27 on Thursday. The stock’s 50-day simple moving average is $181.74 and its two-hundred day simple moving average is $184.51. Southern Copper Corporation has a twelve month low of $92.57 and a twelve month high of $223.88. The firm has a market capitalization of $162.96 billion, a P/E ratio of 28.84, a P/E/G ratio of 1.68 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.

Southern Copper’s stock is set to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.06. The company had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. Southern Copper’s revenue for the quarter was up 40.6% on a year-over-year basis. As a group, equities analysts anticipate 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 dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s payout ratio is presently 64.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bridgewater Advisors Inc. purchased a new position in shares of Southern Copper in the second quarter worth about $333,000. Oppenheimer Asset Management Inc. purchased a new stake in Southern Copper during the 2nd quarter valued at about $7,822,000. Bryn Mawr Trust Advisors LLC bought a new position in Southern Copper during the 2nd quarter worth approximately $622,000. E. Ohman J or Asset Management AB increased its stake in Southern Copper by 17.4% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 7,163 shares of the basic materials company’s stock worth $1,248,000 after purchasing an additional 1,061 shares during the period. Finally, Wealthcare Advisory Partners LLC increased its stake in Southern Copper by 3.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 2,747 shares of the basic materials company’s stock worth $479,000 after purchasing an additional 97 shares during the period. 7.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SCCO has been the topic of a number of research analyst reports. Wells Fargo & Company increased their target price on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Scotiabank reiterated an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Weiss Ratings upgraded Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, CICC Research lowered Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat.com, Southern Copper currently has a consensus rating of “Reduce” and an average target price of $148.60.

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.