Southern Copper Corp (NYSE:SCCO) director Luis Miguel Palomino Bonilla has sold a portion of his holdings in the company, according to a recent filing with the Securities and Exchange Commission. On April 29, Bonilla disposed of 300 shares of Southern Copper's common stock at a price of $118.5 per share, totaling $35,550.
The transaction has adjusted Bonilla's ownership in the company to 4,614 shares following the sale. The filing, signed by Andres Carlos Ferrero on behalf of Bonilla, confirms the details of the transaction without any additional footnotes or comments that provide further context.
Investors often monitor insider selling and buying as it can provide insights into how executives perceive the company's valuation and future prospects. However, it should be noted that insider transactions can be motivated by a variety of personal financial needs or portfolio strategies and may not always indicate a change in company outlook.
Southern Copper is one of the leading copper producers, with operations primarily in Peru and Mexico. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol SCCO.
InvestingPro Insights
Amidst the insider transaction at Southern Copper Corp (NYSE:SCCO), the company's financial health and market performance continue to be a focal point for investors. According to InvestingPro data, Southern Copper boasts a robust market capitalization of $93.14 billion. Despite recent challenges reflected in a revenue decline of 3.73% over the last twelve months as of Q1 2024, the company maintains a strong gross profit margin of 53.25% during the same period.
InvestingPro Tips highlight that Southern Copper has been consistent with its shareholder returns, maintaining dividend payments for 29 consecutive years and even raising its dividend for the past three years. This commitment to returning value to shareholders is further evidenced by the company's dividend yield of 2.65% as of the latest dividend ex-date in February 2024. Moreover, the company's operational efficiency is underscored by an operating income margin of 41.52% over the last twelve months.
For investors seeking deeper insights into Southern Copper's performance and future prospects, InvestingPro offers additional tips that can be accessed at https://www.investing.com/pro/SCCO. There are 17 more InvestingPro Tips available, which could provide valuable context to the company's trading at a high earnings multiple and its position near its 52-week high. To enrich your investment decision-making process, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.