Insider Buying: German Larrea Mota Velasco Purchases 155,000 Shares of Southern Copper Corp Stock (SCCO)
Southern Copper Corp (NASDAQ:SCCO) Chairman German Larrea Mota Velasco acquired 155,000 shares of the stock on the open market in a transaction that occurred on Thursday, August 28th. The shares were purchased at an average cost of $32.46 per share, with a total value of $5,031,300.00. Following the completion of the acquisition, the chairman now directly owns 819,367 shares of the company’s stock, valued at approximately $26,596,653. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on SCCO. 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 analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Southern Copper Corp has a consensus rating of “Hold” and a consensus target price of $37.40.
Shares of Southern Copper Corp (NASDAQ:SCCO) traded up 1.02% on Friday, hitting $32.76. 260,406 shares of the company’s stock traded hands. Southern Copper Corp has a 52 week low of $24.50 and a 52 week high of $33.90. The stock has a 50-day moving average of $32.51 and a 200-day moving average of $30.49. The company has a market cap of $27.265 billion and a price-to-earnings ratio of 19.23.
Southern Copper Corp (NASDAQ:SCCO) last issued its quarterly 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.
Southern Copper Corporation (NASDAQ:SCCO) is an integrated copper producer.
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