Amerigo Insiders Cash Out as Copper Play Hits Record High

Amerigo Resources Ltd., a company that has seen its shares soar to a record high this year, has experienced recent insider selling activity. On August 11, president and CEO Aurora Davidson sold a total of 90,000 shares at an average price per share of approximately $7.44, leaving 1,556,046 shares in their account. Proceeds from the sales exceeded $669,000, excluding trading fees. This sale comes as Amerigo's shares have risen nearly 70% year-to-date and hit a record high intraday price of $8.48 on August 11.

The company pays its shareholders a quarterly dividend of 4 cents per share, combined with occasional performance dividends. Management has stated that 'Amerigo's quarterly dividend of $0.04 per share is safe at current copper prices.' The ability to pay performance dividends depends on maintaining a minimum cash balance of $30-million and a strong outlook for copper prices.

Other companies experiencing insider selling activity include Agnico Eagle Mines Ltd., Alvopetro Energy Ltd., ARC Resources Ltd., and Year-to-date shares of Amerigo are up nearly 70%.