Southern Copper executive sells $10,000 in company stock to Investing.com

In a recent trade, Southern Copper Corp (NYSE: ) Director Luis Miguel Palomino Bonilla sold shares of the company’s stock. On September 17, 2024, Palomino Bonilla sold 100 shares at a price of $100 per share, for a total of $10,000.

Southern Copper Corp, known for its significant role in metals mining, reported this transaction in a filing with the Securities and Exchange Commission. The sale slightly reduced Palomino Bonilla’s holdings in the company, leaving him with 2,314 shares following the transaction.

Investors often monitor insider trading because it can provide insight into executives’ perspectives on the company’s current valuation and future prospects. The sale by Palomino Bonilla was made directly, indicating that it was a personal transaction rather than through a trust or other entity.

The transaction was signed by Andres Carlos Ferrero, as attorney, and was filed the day after the sale took place. Southern Copper’s stock trading is closely watched by investors due to the company’s market influence and its impact on global metal prices.

For those interested in Southern Copper’s insider trading, the company’s stock trades on the New York Stock Exchange under the symbol SCCO.

In other recent news, Southern Copper Corporation has seen substantial developments. UBS initiated coverage on the company with a Neutral rating and a $120.00 price target, recognizing the company’s advantageous position with long-dated copper assets, low costs and strong balance sheet. The company also announced the resumption of construction on the Tia Maria project in Peru following discussions with the Peruvian government. This development underscores Southern Copper’s commitment to regional and national interests.

Financially, Southern Copper reported a strong first quarter with earnings per share (EPS) of $0.95 and revenue of $2.6 billion. These figures beat analysts’ estimates, marking a significant achievement for the company. Jefferies raised its price target on Southern Copper to $137, citing the company’s operational strength and progress on the Tia Maria project. On the other hand, Scotiabank has revised its outlook, lowering its price target to $54, but anticipates a rise in the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) from 2024 to 2026.

In other developments, the rise of illegal mining operations in Peru has led to increased traffic congestion along the country’s crucial mining corridor highway. This situation poses challenges to the Peruvian government’s efforts to boost investment and production in the sector and affects companies such as Southern Copper that operate in the region.

InvestingPro Insights

Given the recent insider trade at Southern Copper Corp (NYSE:SCCO), in which director Luis Miguel Palomino Bonilla sold shares, investors may be curious about the company’s financial health and performance metrics. According to InvestingPro data, Southern Copper boasts a substantial market capitalization of $79.57 billion, reflecting its significant presence in the metals mining industry. The company’s price-to-earnings (P/E) ratio is 29.1, with an adjusted P/E for the trailing twelve months of Q2 2024 at 28.93, suggesting a stable earnings valuation over time.

A standout tip from InvestingPro is that Southern Copper has increased its dividend for 3 consecutive years, illustrating its commitment to returning value to shareholders. In addition, the company has maintained dividend payments for an impressive 29 consecutive years, which may provide reassurance to investors looking for consistent income streams. The dividend yield is currently 2.37%, with the last ex-date dividend recorded on August 9, 2024.

InvestingPro also points out that Southern Copper operates with a moderate level of debt and has a strong track record of profitability, having been profitable for the past twelve months. These factors, combined with the fact that liquid assets exceed short-term liabilities, may indicate a solid financial foundation for the company. For those seeking a more in-depth analysis, InvestingPro offers additional advice on Southern Copper, which can be accessed by visiting SCCO’s dedicated page.

Investors tracking Southern Copper Corp’s performance may also note that shares of the company are currently trading 78.05% off their 52-week high, with a previous close price of $99.18. With the next earnings date scheduled for October 22, 2024, stakeholders may want to stay tuned for the company’s quarterly developments and future outlook.

This article was generated with support from AI and reviewed by an editor. For more information, see T&C.