Boston, MA 08/29/2014 (wallstreetpr) – Integrated copper producer Southern Copper Corp (NYSE:SCCO)’s Chairman of the Board, German Larrea Mota Velasco, had resorted to lifting his holding in the company’s shares by accumulating shares from the open market. The Chairman had acquired 200K shares on August 26 and 28 apart from earlier purchases.
Buys Shares
Southern Copper Corp (NYSE:SCCO)’s Chairman of the Board had acquired 45K shares at an average cost of $32.49 on August 26. He had paid about $1.46 million to buy the stock, according to a filing with the Securities and Exchange Commission. The insider had paid a premium of 32.6% compared to the 52-week low price of $24.50. However, the purchase price represented a discount of 4.2% compared to the yearly high price of $33.9.
Similarly, on August 28, German Larrea Mota Velasco had acquired 155K shares at an average cost of $32.46. The Chairman had to pay about $5.03 million to buy these shares, SEC data indicated.
In the two-day period of the current week, he had accumulated 200K shares by paying about $6.49 million. As a result of these buying, the Chairman’s holding in the company had increased to 819.4K shares. This is roughly valued around $26.57 million.
Earlier Purchase
In August alone, the Chairman had acquired another 100K shares on August 21. He had purchased 100K shares at an average rate of $31.36 by shelling out $3.14 million on August 21, a data in Nasdaq revealed.
In all, German Larrea Mota Velasco had purchased 300K shares by paying $9.63 million in the month of August.
Total Insider Purchase
In the last three-month period, there were six transactions, excluding August 28 transaction. While four transactions were for acquiring shares, two related to selling of shares. A total of 415K shares were acquired, and only 4K shares were sold by the insiders during the three-month period.
Similarly, in the 12-month period, 18 transactions of insider activities recorded and 15 related to buying of shares while three dealt with selling of Southern Copper Corp (NYSE:SCCO)’s stock. In all, about 434K shares were traded, and net buying was nearly 425K shares by the insiders.
