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Southern Copper director sells stock worth more than $425,000 by Investing.com

Southern Copper Corporation (NYSE:) President Luis Miguel Palomino Bonilla recently sold a significant number of shares in the company. On April 30, 2024, Palomino Bonilla disposed of 3,600 shares of common stock at a price of $118.30 each, for a total consideration of more than $425,000.

This transaction adjusted Palomino Bonilla’s interest in the company to 2,214 common shares after the sale. The transaction was executed directly, indicating that the shares were wholly owned by Palomino Bonilla rather than through a trust or other indirect means.

Investors often keep an eye on insider transactions because they can provide insight into the perspectives of those with the most intimate knowledge of the company’s business and prospects. A director’s sale can be seen as a notable event because it may reflect the director’s view of the company’s current valuation or future potential.

Southern Copper Corporation, headquartered in Phoenix, Arizona, is one of the world’s leading manufacturers. The company’s shares are publicly traded on the New York Stock Exchange under the ticker symbol SCCO.

The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission, which was signed by attorney Andres Carlos Ferrero on May 1, 2024.

InvestingPro Insights

As investors digest the news of the recent stock sale of Southern Copper Corporation (NYSE:SCCO) President Luis Miguel Palomino Bonilla, it is important to consider the company’s financial health and market performance. According to data from InvestingPro, Southern Copper boasts a robust market capitalization of $87.86 billion, underscoring its significant presence in the copper industry. The company’s price-to-earnings (P/E) ratio stands at 37.23, indicating a high earnings multiple compared to the industry average. This could indicate that investors expect higher future growth from the company or that the stock is currently overvalued.

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Looking at the company’s dividend history, an InvestingPro tip highlights that Southern Copper has not only maintained its dividend payments for 29 consecutive years, but has also increased its dividend over the past three years. This consistent return to shareholders can be a sign of the company’s financial stability and commitment to shareholder value. Furthermore, the company’s cash flows are more than sufficient to cover interest payments, further demonstrating the company’s solid financial foundation.

Investors should note that Southern Copper is trading near its 52-week high, with the price at 93.66% of this peak. This could indicate confidence in the company’s prospects or possible caution if the stock appears to be reaching its upper valuation limit. The company’s strong total share price return over the past year of 59.09% reflects a significant increase in its share value, which should interest both long-term investors and investors looking for recent performance.

For those interested in a deeper analysis, there are more InvestingPro Tips available at https://www.investing.com/pro/SCCO, which provides a more comprehensive view of Southern Copper’s performance and potential. With the exclusive coupon code PRONEWS24readers can get an additional 10% off an annual or biennial Pro and Pro+ subscription, giving them access to a wealth of financial data and expert insights.

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