Insider Buying: Southern Copper Corp Chairman Buys 100,000 Shares of Stock (SCCO)
Southern Copper Corp (NASDAQ:SCCO) Chairman German Larrea Mota Velasco bought 100,000 shares of Southern Copper Corp stock in a transaction dated Thursday, August 21st. The shares were purchased at an average cost of $31.36 per share, with a total value of $3,136,000.00. Following the acquisition, the chairman now directly owns 619,367 shares of the company’s stock, valued at approximately $19,423,349. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Southern Copper Corp (NASDAQ:SCCO) traded up 1.15% during mid-day trading on Friday, hitting $31.71. 1,783,077 shares of the company’s stock traded hands. Southern Copper Corp has a 1-year low of $24.50 and a 1-year high of $33.90. The stock’s 50-day moving average is $32.59 and its 200-day moving average is $30.35. The company has a market cap of $26.392 billion and a P/E ratio of 18.59.
Southern Copper Corp (NASDAQ:SCCO) last released its earnings data on Monday, August 18th. The company reported $0.40 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.44 by $0.04. Analysts expect that Southern Copper Corp will post $1.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 28th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Wednesday, August 13th.
A number of analysts have recently weighed in on SCCO shares. Analysts at Morgan Stanley downgraded shares of Southern Copper Corp to an “underweight” rating in a research note on Wednesday, August 13th. They now have a $40.00 price target on the stock, down previously from $46.00. Separately, analysts at FBR Capital Markets downgraded shares of Southern Copper Corp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 6th. They now have a $35.00 price target on the stock, down previously from $37.00. Finally, analysts at Credit Suisse raised their price target on shares of Southern Copper Corp from $38.00 to $41.00 in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $37.40.
Southern Copper Corporation (NASDAQ:SCCO) is an integrated copper producer.
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