Saturday, June 25, 2022

Selling Buzz: Southern Copper Corporation [SCCO] Chairman of the Board VELASCO GERMAN LARREA MOTA sells 200,000 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Southern Copper Corporation shares valued at $14,987,600 were sold by VELASCO GERMAN LARREA MOTA on Mar 11. At $74.94 per share, VELASCO GERMAN LARREA MOTA sold 200,000 shares. The insider’s holdings dropped to 374,966 shares worth approximately $19.82 million following the completion of this transaction.

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Also, VELASCO GERMAN LARREA MOTA sold 100,000 shares, netting a total of over 7,497,300 in proceeds. Following the sale of shares at $74.97 each, the insider now holds 574,966 shares.

Before that, VELASCO GERMAN LARREA MOTA had sold 50,000 shares from its account. In a trade valued at $3,743,350, the Chairman of the Board traded Southern Copper Corporation shares for $74.87 each. Upon closing the transaction, the insider’s holdings decreased to 50,000 shares, worth approximately $35.67 million.

As published in a research note from Morgan Stanley on March 24, 2022, Southern Copper Corporation [SCCO] has been rated down from an Equal-weight to an Underweight and the price target has been revised to $63 from $55. This represents a 16.11% premium over Wednesday’s closing price. Analysts at Morgan Stanley upgraded the stock from ‘”an Underweight”‘ to ‘”an Equal-weight”‘ outlook in a report released in early December. As of November 17, 2021, Wolfe Research has initiated its “Peer perform” rating for SCCO. Earlier on July 15, 2021, HSBC Securities upgraded its rating. Their new recommendation was “a Hold” for SCCO stock which previously was a “a Reduce”.

Analyzing SCCO’s Price Performance

On Wednesday, Southern Copper Corporation [NYSE: SCCO] plunged -4.46% to $52.85. The stock’s lowest price that day was $52.52, but it reached a high of $53.84 in the same session. During the last five days, there has been a drop of approximately -7.62%. Over the course of the year, Southern Copper Corporation shares have dropped approximately -14.36%. Shares of the company reached a 52-week high of $79.32 on 04/04/22 and a 52-week low of $52.52 on 06/22/22. A 50-day SMA is recorded $62.11, while a 200-day SMA reached $63.77. Nevertheless, trading volume fell to 1.53 million shares from 1.1 million shares the previous day.

Support And Resistance Levels for Southern Copper Corporation (SCCO)

According to the 24-hour chart, there is a support level at 52.30, which, if violated, would cause prices to drop to 51.75. In the upper region, resistance lies at 53.62. The next price resistance is at 54.39. RSI (Relative Strength Index) is 28.29 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.01, which suggests the price will decrease in the coming days. Percent R is at 97.35%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Southern Copper Corporation subject to short interest?

Stocks of Southern Copper Corporation saw a sharp rise in short interest on Apr 28, 2022 jumping by 0.22 million shares to 3.62 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 3.4 million shares. A jump of 6.08% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.49 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.49.

Which companies own the most shares of Southern Copper Corporation (SCCO)?

According to BlackRock Fund Advisors filings, the company currently owns 5,015,950 shares, which is about 0.65% of the total SCCO shares outstanding. The investor’s shares have appreciated by 463,312 from its previous 13-F filing of 4552638.0 shares. With the completion of the buy, Fisher Asset Management LLC’s stake is now worth $234,280,077. FIL Investment Advisors acquire a 16.48% interest valued at $165.13 million while SSgA Funds Management, Inc. purchased a 112,609 stake. A total of 846,239 shares of Southern Copper Corporation were bought by Goldman Sachs Asset Management LP during the quarter, and -850,721 were sold by Acadian Asset Management LLC. In its current portfolio, Marathon Asset Management Ltd. holds 1,671,833 shares valued at $103.29 million.

In terms of Southern Copper Corporation share price expectations, FactSet research, analysts set an average price target of $61.54 in the next 12 months, up nearly 11.62% from the previous closing price of $55.32. Analysts anticipate Southern Copper Corporation stock to reach $72.50 by 2022, with the lowest price target being $46.00. In spite of this, 17 analysts ranked Southern Copper Corporation stock as an Underweight at the end of 2022. On July 08, 2021, Barclays assigned a price target of “an Equal weight” to the stock and upgraded coverage with a $55.

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