Key Points
- Insider sale: Director Bonilla Luis Miguel Palomino sold 193 shares on March 13 at an average price of $174.60 for $33,697.80, trimming his stake by 10.16% to 1,707 shares (he also sold 7 shares on March 12 at $190.00).
- Company update: Southern Copper beat Q results with $1.55 EPS, raised its quarterly dividend to $1.00 (annual $4.00, yield ~2.6%), but analysts’ consensus is a "Reduce" rating with an average target of $139.99.
Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.60, for a total value of $33,697.80. Following the sale, the director directly owned 1,707 shares of the company's stock, valued at approximately $298,042.20. The trade was a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Bonilla Luis Miguel Palomino also recently made the following trade(s):
- 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 Stock Performance
SCCO stock traded down $10.17 during trading hours on Thursday, hitting $156.55. 940,325 shares of the stock were exchanged, compared to its average volume of 2,172,885. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $223.88. The company has a current ratio of 3.89, a quick ratio of 3.40 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $127.15 billion, a P/E ratio of 29.48, a P/E/G ratio of 1.83 and a beta of 1.03. The company has a 50-day simple moving average of $191.71 and a two-hundred day simple moving average of $150.84.
Southern Copper (NYSE:SCCO - Get Free Report) last announced its earnings results on Wednesday, January 28th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Southern Copper had a net margin of 32.30% and a return on equity of 41.97%. The company had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, analysts forecast that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.
Southern Copper Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th were issued a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $4.00 dividend on an annualized basis and a yield of 2.6%. This is an increase from Southern Copper's previous quarterly dividend of $0.90. Southern Copper's payout ratio is presently 75.19%.
Institutional Trading of Southern Copper
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Rakuten Investment Management Inc. bought a new position in shares of Southern Copper in the third quarter worth about $2,976,000. Legal & General Group Plc grew its holdings in shares of Southern Copper by 4.3% during the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company's stock valued at $95,273,000 after purchasing an additional 38,856 shares during the last quarter. Nordea Investment Management AB increased its position in Southern Copper by 5.7% during the 3rd quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company's stock worth $17,778,000 after purchasing an additional 7,995 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Southern Copper by 2,631.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company's stock valued at $1,631,000 after purchasing an additional 12,949 shares during the last quarter. Finally, Alps Advisors Inc. lifted its stake in Southern Copper by 54.2% in the 3rd quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company's stock valued at $4,326,000 after purchasing an additional 12,532 shares during the last quarter. Institutional investors own 7.94% of the company's stock.
Analysts Set New Price Targets
SCCO has been the topic of several recent research reports. Itau BBA Securities cut shares of Southern Copper from a "market perform" rating to an "underperform" rating and set a $124.94 target price on the stock. in a report on Monday, December 22nd. Wells Fargo & Company set a $190.38 price target on Southern Copper and gave the stock an "equal weight" rating in a research report on Thursday, January 29th. UBS Group restated a "sell" rating and set a $148.74 price objective (up from $146.75) on shares of Southern Copper in a research note on Tuesday, February 3rd. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $127.91 price objective on shares of Southern Copper in a report on Wednesday, January 14th. Finally, Zacks Research downgraded Southern Copper from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and eight have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $139.99.
Check Out Our Latest Research Report on SCCO
Southern Copper Company Profile
(
Get Free Report)
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.
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