Insiders already own 81.3% of this company. They have every reason to buy shares with their income from other sources. Insider ownership is a great thing for shareholders in that it gives management incentive to grow shareholder value!
Sentiment: Strong Buy
I'm thinking this is a good entry as well. Do you think that SCCO will scoop up Yamana (AUY)? After all Yamana is undervalued by nearly 200% and has Agua Rica in a near shovel ready condition. $50 billion in copper just waiting for the Mining district to be formed and the railroad to be built. All mining equipment is nearby at the nearly depleted Alumbrera mine and $20 billion in Gold, Silver and Molybdenum just waiting to be dug up.
Sentiment: Strong Buy
Before this buying spree began Larrea owned 249,367 shares, mostly purchased in the fall 2008 and spring 2009, at the same time Grupo was loading up on dirt cheap shares.
Beginning on 7/30/14 thru 9/10/14, he has purchased in the open market 770,000 shares at an eyeball average of 32 per share......about 24.6 million. After the 9/10 purchase of 50,000 he owned 1,019,367.
So, in less than 1.5 months the chairman bought in the open market more than 3 times what he previously owned directly.
This ain't a token purchase and he is not doing it to prop up the price. IMO, he's doing it to make a profit.
The dividend stinks and will continue to stink until the buildout is finished, so it must be appreciation he is after.
Is this a prelude to Grupo taking out the non-grupo shareholders at a small premium or is it just he knows the price is too low compared to future prospects???? Don't know the answer, but am glad to see the chairman speaking so loudly with his own cash that he thinks the price is too low.
Geez you know more than the Chariman. That was a lot of buys he must be moron to have put himself in the position of buying $25M of stock with pocket money.
Velasco has an excellent record of buying low and selling high--you can see all his buys and sells in recent years at the J3SG website. He knows when his company is a bargain, but timing depends on when the market recognizes it. Patience required.
Dumb buy for the insiders...they are already losing money. They should have waited til it is under $30....more downside coming, as there is no catalyst to drive the price higher....
Oh, that's right it's a copper company. Nickel and Penny stock! So cheap on the bid and ask right now. Got to be ready to make a move upward soon. Can't get more boring than this! Can it? EA
what ? seems sprinkled with urban legends. river spills don't contaminante groundwater/wells. inorganics don't kill cattle.
What does "huge amounts mean"...don't they have numbers ?
I'm doing my 4 times a year fight with the bank. They put a hold on the check because they think it's foreign when it's really based in Coral Gables, Florida
Mota Larrea German Velasco, Chairman of the Board at Southern Copper Corp (NYSE:SCCO) acquired on August 28th through an open market transaction 155,000 shares of Common Stock. There were bought at a price of $32.46 each for a total value of over five million dollars. Following the filing, he directly owns 819,367 shares.
One of the tricks Henry Ford used to get money to buy out his fellow shareholders was to force his dealers to buy ten years worth of parts to fix cars. Today you have to wait for parts to be delivered to get your car fixed. The Dodges eventually sold their 10% to Ford to avoid more legal fees after they got their dividends. I’ll hold on to my shares until forced to sell them or the court makes them there people south of Obama's new normal boarder pay me a special dividend.