Bonilla Luis Miguel Palomino Sells 100 Shares of Southern Copper (NYSE:SCCO) Stock

Southern Copper Corporation (NYSE:SCCO) Director Bonilla Luis Miguel Palomino sold 100 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $137.50, for a total value of $13,750.00. Following the completion of the transaction, the director owned 1,813 shares in the company, valued at approximately $249,287.50. This trade represents a 5.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• 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 shares were 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 Stock Performance

Shares of SCCO stock opened at $136.57 on Friday. The company’s fifty day simple moving average is $121.53 and its 200-day simple moving average is $104.71. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $144.81. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. The company has a market cap of $109.81 billion, a PE ratio of 28.63, a P/E/G ratio of 1.29 and a beta of 1.08.

Southern Copper’s stock is scheduled to split on the morning of Wednesday, November 12th. The 1.0085-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, November 11th.

Southern Copper (NYSE:SCCO) last issued its earnings results on Tuesday, October 28th. The basic materials company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.09. The company had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.05 billion. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%. As a group, equities research analysts anticipate that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be given a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $3.60 annualized dividend and a yield of 2.6%. Southern Copper’s dividend payout ratio (DPR) is 75.47%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. The Goldman Sachs Group reissued a “sell” rating and set a $115.00 target price (up from $89.00) on shares of Southern Copper in a research report on Wednesday, October 29th. Morgan Stanley set a $132.00 price objective on shares of Southern Copper and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Southern Copper in a research report on Wednesday, October 8th. Finally, UBS Group reiterated a “buy” rating on shares of Southern Copper in a research note on Friday, September 19th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $117.94.

Institutional Investors Weigh In On Southern Copper

Hedge funds and other institutional investors have recently modified their holdings of the stock. MJT & Associates Financial Advisory Group Inc. lifted its position in shares of Southern Copper by 65.1% during the third quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 84 shares during the last quarter. Covestor Ltd raised its stake in Southern Copper by 30.4% during the third quarter. Covestor Ltd now owns 360 shares of the basic materials company’s stock valued at $44,000 after buying an additional 84 shares in the last quarter. Avanza Fonder AB raised its stake in Southern Copper by 1.0% during the third quarter. Avanza Fonder AB now owns 8,663 shares of the basic materials company’s stock valued at $1,051,000 after buying an additional 86 shares in the last quarter. Redwood Wealth Management Group LLC lifted its holdings in Southern Copper by 1.5% during the 3rd quarter. Redwood Wealth Management Group LLC now owns 5,999 shares of the basic materials company’s stock worth $728,000 after buying an additional 89 shares during the last quarter. Finally, Convergence Investment Partners LLC grew its position in shares of Southern Copper by 0.7% in the 3rd quarter. Convergence Investment Partners LLC now owns 13,743 shares of the basic materials company’s stock worth $1,668,000 after acquiring an additional 98 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

About Southern Copper

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.