Southern Copper director sells shares for $9,400

In a recent transaction, Luis Miguel Palomino Bonilla, a director at Southern Copper Corp. (NYSE:SCCO), sold 100 shares of the company's common stock. The shares were sold at a price of $94 each, amounting to a total transaction value of $9,400. The stock currently trades at $97.27, with InvestingPro analysis indicating the company is slightly overvalued relative to its Fair Value. Following this sale, Palomino Bonilla retains ownership of 2,813 shares in the company. Southern Copper, headquartered in Phoenix, Arizona, operates in the metal mining sector with a market capitalization of $77.5 billion. The company boasts a remarkable 30-year track record of consecutive dividend payments and maintains strong financial health according to InvestingPro metrics, with 11 additional ProTips available to subscribers.

In other recent news, Southern Copper Corporation's indirect subsidiary, Minera Mexico, successfully priced $1 billion in senior notes at an interest rate of 5.625%, maturing in 2032. This move is part of an unregistered offering under Rule 144A and Regulation S of the Securities Act of 1933. The company plans to use the net proceeds for capital expenditures and general corporate purposes.

In analyst news, Morgan Stanley (NYSE:MS) upgraded Southern Copper from Underweight to Equalweight, citing a more balanced risk-reward scenario. Meanwhile, JPMorgan also revised its stance on Southern Copper, upgrading the stock from Underweight to Neutral, recognizing the company's significant exposure to copper.

Furthermore, JPMorgan upgraded Grupo Mexico, which holds a controlling interest in Southern Copper, from Neutral to Overweight, citing a significant perceived undervaluation. The financial firm also increased the price target for Grupo Mexico's shares, anticipating a 39% upside from current trading levels.

These developments highlight the recent strategic and financial moves by Southern Copper and its stakeholders, providing additional resources for growth and investment.

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