Southern Copper (NYSE:SCCO) Director Sells $20,720.00 in Stock

Southern Copper Corporation (NYSE:SCCO) Director Bonilla Luis Miguel Palomino sold 148 shares of the business’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $140.00, for a total value of $20,720.00. Following the transaction, the director directly owned 1,665 shares of the company’s stock, valued at $233,100. The trade was a 8.16% decrease in their ownership of the stock. The transaction was disclosed in a 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 Thursday, November 6th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The shares were sold at an average price of $137.50, for a total value of $13,750.00.
• On Tuesday, November 4th, Bonilla Luis Miguel Palomino sold 100 shares of Southern Copper stock. The stock was sold at an average price of $131.90, for a total value of $13,190.00.
• On Friday, October 31st, Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock. The stock was sold at an average price of $139.35, for a total transaction of $27,870.00.
• On Friday, September 12th, Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock. The shares were sold at an average price of $105.44, for a total transaction of $21,088.00.
• On Wednesday, September 3rd, Bonilla Luis Miguel Palomino sold 214 shares of Southern Copper stock. The stock was sold at an average price of $101.00, for a total transaction of $21,614.00.

Southern Copper Trading Down 1.0%

Shares of NYSE:SCCO opened at $130.73 on Friday. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $144.81. The company’s 50 day moving average is $125.13 and its two-hundred day moving average is $106.08. The company has a market cap of $106.18 billion, a PE ratio of 27.41, a P/E/G ratio of 1.29 and a beta of 1.08. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Friday, October 31st. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.09. The business had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Southern Copper had a net margin of 30.98% and a return on equity of 39.62%. Equities analysts predict that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Wednesday, November 12th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, November 12th. Southern Copper’s dividend payout ratio is currently 75.47%.

Analyst Ratings Changes

SCCO has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their target price on Southern Copper from $92.00 to $114.50 and gave the stock a “neutral” rating in a research report on Monday, October 27th. Jefferies Financial Group set a $155.00 price target on shares of Southern Copper and gave the company a “buy” rating in a research note on Monday, October 6th. Morgan Stanley set a $132.00 price objective on shares of Southern Copper and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. Wells Fargo & Company upped their target price on shares of Southern Copper from $121.00 to $137.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $115.00 price target (up from $89.00) on shares of Southern Copper in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $117.94.

Hedge Funds Weigh In On Southern Copper

A number of institutional investors have recently modified their holdings of SCCO. Capital World Investors increased its holdings in shares of 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 period. Norges Bank purchased a new position in Southern Copper in the 2nd quarter valued at $57,901,000. Jacobs Levy Equity Management Inc. acquired a new position in Southern Copper in the 1st quarter valued at $40,338,000. Nuveen LLC purchased a new position in Southern Copper during the 1st quarter worth $34,086,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Southern Copper by 26.3% in the 1st quarter. JPMorgan Chase & Co. now owns 1,551,878 shares of the basic materials company’s stock worth $145,039,000 after acquiring an additional 322,935 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.