Insider Selling: Southern Copper (NYSE:SCCO) Director 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 on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This trade represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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.
• On Friday, March 13th, Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock. The shares were 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 shares were sold at an average price of $190.00, for a total value of $1,330.00.

Southern Copper Trading Up 0.4%

NYSE:SCCO traded up $0.67 on Friday, hitting $179.79. 381,005 shares of the stock were exchanged, compared to its average volume of 1,879,000. The stock has a fifty day moving average of $177.83 and a 200-day moving average of $169.33. The stock has a market cap of $147.27 billion, a PE ratio of 29.71, a PEG ratio of 1.72 and a beta of 1.07. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a fifty-two week low of $88.73 and a fifty-two week high of $223.88.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.04. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%.The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $3.96 billion. As a group, equities analysts expect that Southern Copper Corporation will post 6.93 earnings per share for the current fiscal year.

Southern Copper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, May 13th. Southern Copper’s payout ratio is currently 66.12%.

Institutional Trading of Southern Copper

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital World Investors boosted its holdings in Southern Copper by 36.1% in the third quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock valued at $781,268,000 after purchasing an additional 1,708,693 shares during the last quarter. State Street Corp increased its holdings in Southern Copper by 2.4% during the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock worth $410,646,000 after purchasing an additional 66,268 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Southern Copper by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock valued at $363,873,000 after purchasing an additional 7,194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Southern Copper by 8.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock valued at $169,480,000 after purchasing an additional 90,237 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Southern Copper by 12.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,091,632 shares of the basic materials company’s stock valued at $132,479,000 after buying an additional 123,532 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SCCO has been the subject of a number of research reports. The Goldman Sachs Group raised shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target for the company in a research report on Friday, April 10th. Barclays assumed coverage on Southern Copper in a research note on Thursday. They set an “underweight” rating and a $148.00 price objective on the stock. Wall Street Zen lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Morgan Stanley raised their target price on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a report on Thursday, April 9th. Finally, Scotiabank reissued an “underperform” rating and set a $135.00 price target (up from $133.00) on shares of Southern Copper in a research report on Friday, May 15th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat, Southern Copper has a consensus rating of “Reduce” and an average target price of $145.14.

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.