Key Points
- Director Bonilla Luis Miguel Palomino sold 100 Southern Copper shares at an average price of $195, receiving $19,500 and reducing his holdings by 4.99% to 1,903 shares. He has also made several additional sales in recent months.
- Southern Copper reported quarterly EPS of $2.01, beating estimates of $1.95, while revenue rose 40.6% year over year to $4.29 billion. The company increased its quarterly dividend to $1.10 per share, implying a 2.2% annual yield.
- Shares opened at $197.27, near the upper end of their 52-week range, and are scheduled for a 1.012-for-1 stock split on August 11. Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $148.60.
Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $195.00, for a total value of $19,500.00. Following the sale, the director owned 1,903 shares of the company's stock, valued at approximately $371,085. This represents a 4.99% decrease in their position. 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 Wednesday, August 5th, Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock. The shares were sold at an average price of $199.15, for a total transaction of $39,830.00.
- 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 stock was 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 shares were sold at an average price of $177.82, for a total transaction of $35,564.00.
- 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 transaction of $17,820.00.
Southern Copper Stock Up 1.1%
Shares of NYSE SCCO opened at $197.27 on Thursday. The firm has a market cap of $162.96 billion, a P/E ratio of 28.84, a price-to-earnings-growth ratio of 1.68 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.89 and a current ratio of 5.06. Southern Copper Corporation has a 1 year low of $92.57 and a 1 year high of $223.88. The firm's 50 day moving average price is $181.74 and its 200 day moving average price is $184.51.
Southern Copper shares are going to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be distributed to shareholders after the market closes on Monday, August 10th.
Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. The company had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company's quarterly revenue was up 40.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Southern Copper Corporation will post 7.63 earnings per share for the current 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 paid 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 dividend payout ratio is currently 64.33%.
Wall Street Analyst Weigh In
Several equities analysts recently commented on SCCO shares. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. The Goldman Sachs Group raised Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 target price on the stock in a research report on Friday, April 10th. UBS Group reissued a "sell" rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. Weiss Ratings raised Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. Finally, Morgan Stanley increased their target price on shares of Southern Copper from $146.00 to $158.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $148.60.
Check Out Our Latest Analysis on SCCO
Hedge Funds Weigh In On Southern Copper
A number of hedge funds have recently bought and sold shares of SCCO. State Street Corp lifted 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 buying an additional 66,268 shares during the last quarter. Fisher Asset Management LLC increased its holdings 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 acquiring an additional 7,194 shares during 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% during 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 acquiring an additional 90,237 shares in the last quarter. Vanguard Group Inc. lifted its stake in Southern Copper by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company's stock worth $141,149,000 after purchasing an additional 33,804 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Southern Copper by 1.5% during the third quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company's stock worth $116,012,000 after purchasing an additional 14,212 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.
About Southern Copper
(
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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