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 $425,880 were sold by PALOMINO BONILLA LUIS MIGUEL on Apr 30 ’24. At $118.30 per share, PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares. The insider’s holdings dropped to 2,214 shares worth approximately $0.25 million following the completion of this transaction.
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Also, PALOMINO BONILLA LUIS MIGUEL sold 300 shares, netting a total of over 35,550 in proceeds. Following the sale of shares at $118.50 each, the insider now holds 4,614 shares.
Before that, PALOMINO BONILLA LUIS MIGUEL had sold 100 shares from its account. In a trade valued at $11,020, the Director traded Southern Copper Corporation shares for $110.20 each. Upon closing the transaction, the insider’s holdings decreased to 100 shares, worth approximately $0.55 million.
As published in a research note from HSBC Securities on April 22, 2024, Southern Copper Corporation [SCCO] has been rated down from a Hold to a Reduce and the price target has been revised to $80. Analysts at Jefferies upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in late March. As of November 27, 2023, Morgan Stanley has decreased its “an Equal-weight” rating to a “an Underweight” for SCCO. Earlier on September 18, 2023, Jefferies initiated its rating. Their recommendation was “a Hold” for SCCO stock.
Analyzing SCCO Stock Performance
During the last five days, there has been a drop of approximately -6.39%. Over the course of the year, Southern Copper Corporation shares have jumped approximately 31.30%. Shares of the company reached a 52-week high of $129.79 on 05/20/24 and a 52-week low of $77.14 on 01/17/24. A 50-day SMA is recorded $115.28, while a 200-day SMA reached $88.53. Nevertheless, trading volume fell to 1.61 million shares from 2.37 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 110.91, which, if violated, would cause prices to drop to 109.96. In the upper region, resistance lies at 112.90. The next price resistance is at 113.94. RSI (Relative Strength Index) is 42.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.53, which suggests the price will decrease in the coming days. Percent R is at 84.00%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
