Southern Copper Corp Chairman Buys $1,628,000 in Stock (SCCO)
Southern Copper Corp (NASDAQ:SCCO) Chairman German Larrea Mota Velasco acquired 50,000 shares of the company’s stock on the open market in a transaction dated Tuesday, September 2nd. The stock was purchased at an average cost of $32.56 per share, for a total transaction of $1,628,000.00. Following the completion of the purchase, the chairman now directly owns 869,367 shares of the company’s stock, valued at approximately $28,306,590. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. 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 assigned a hold rating and two have issued a buy rating to the stock. Southern Copper Corp presently has a consensus rating of “Hold” and a consensus price target of $37.40.
Southern Copper Corp (NASDAQ:SCCO) traded down 1.10% on Tuesday, hitting $32.45. 1,282,644 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’s 50-day moving average is $32.44 and its 200-day moving average is $30.49. The company has a market cap of $27.007 billion and a price-to-earnings ratio of 19.46.
Southern Copper Corp (NASDAQ:SCCO) last posted its quarterly earnings results 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. On average, analysts predict that Southern Copper Corp will post $1.76 earnings per share for the current fiscal year.
Southern Copper Corporation (NASDAQ:SCCO) is an integrated copper producer.
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