Key Points
- Director Luis Palomino Bonilla sold 100 Southern Copper shares at an average price of $200, generating $20,000 and reducing his holdings by 6.24% to 1,503 shares. The sale follows several insider sales in recent months.
- Southern Copper shares opened at $203.84, with a market capitalization of approximately $170.1 billion. The company’s latest quarterly earnings beat estimates, reporting $1.99 in earnings per share and revenue growth of 40.6% year over year.
- The company increased its quarterly dividend to $1.10, equal to an annualized $4.40 and a 2.2% yield. Analysts maintain a consensus “Reduce” rating with an average price target of $146.84.
Southern Copper Corporation (NYSE:SCCO - Get Free Report) Director Luis Palomino Bonilla sold 100 shares of the company's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $200.00, for a total transaction of $20,000.00. Following the completion of the transaction, the director owned 1,503 shares in the company, valued at approximately $300,600. This trade represents a 6.24% decrease in their ownership of the stock. 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 Tuesday, September 8th, Luis Palomino Bonilla sold 100 shares of Southern Copper stock. The stock was sold at an average price of $210.00, for a total transaction of $21,000.00.
- On Friday, September 4th, Luis Palomino Bonilla sold 100 shares of Southern Copper stock. The stock was sold at an average price of $200.00, for a total transaction of $20,000.00.
- On Tuesday, August 4th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The shares were sold at an average price of $192.69, for a total transaction of $19,461.46.
- On Wednesday, August 5th, Luis Palomino Bonilla sold 202 shares of Southern Copper stock. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28.
- On Friday, July 24th, Luis Palomino Bonilla sold 101 shares of Southern Copper stock. The stock was sold at an average price of $176.88, for a total transaction of $17,864.62.
Southern Copper Stock Up 1.1%
Shares of NYSE SCCO opened at $203.84 on Friday. The firm has a market cap of $170.07 billion, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 1.80 and a beta of 1.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06. Southern Copper Corporation has a 1 year low of $116.93 and a 1 year high of $223.88. The firm's 50 day moving average price is $195.51 and its 200 day moving average price is $183.77.
Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The company had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper's revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Southern Copper Corporation will post 7.83 earnings per share for the current year.
Southern Copper Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a $1.10 dividend. This is an increase from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, August 11th. Southern Copper's dividend payout ratio (DPR) is presently 64.33%.
Institutional Investors Weigh In On Southern Copper
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Southern Copper during the 2nd quarter worth $1,729,500,000. Bank of America Corp DE purchased a new position in Southern Copper in the 2nd quarter valued at about $318,448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Southern Copper by 2.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company's stock valued at $224,908,000 after buying an additional 27,744 shares during the last quarter. Bollard Group LLC boosted its position in Southern Copper by 14.0% in the 1st quarter. Bollard Group LLC now owns 861,950 shares of the basic materials company's stock valued at $148,307,000 after buying an additional 105,763 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Southern Copper during the second quarter valued at about $149,739,000. 7.94% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently weighed in on SCCO. Wells Fargo & Company increased their target price on Southern Copper from $168.97 to $169.96 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Morgan Stanley lifted their price target on Southern Copper from $144.27 to $156.13 and gave the company an "underweight" rating in a report on Wednesday, July 8th. Zacks Research cut shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Finally, Barclays set a $164.03 price target on shares of Southern Copper and gave the stock an "underweight" rating in a research report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat, Southern Copper has a consensus rating of "Reduce" and a consensus target price of $146.84.
Get Our Latest Report on SCCO
About Southern Copper
(
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Southern Copper Corporation (NYSE: SCCO) is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.
Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.
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