Global X Management Co. LLC decreased its position in Southern Copper Corporation (NYSE:SCCO) by 20.4% during the second quarter, Holdings Channel reports. The fund owned 55,726 shares of the basic materials company’s stock after selling 14,283 shares during the period. Global X Management Co. LLC’s holdings in Southern Copper Corporation were worth $1,930,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Sit Investment Associates Inc. increased its position in shares of Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock worth $115,000 after buying an additional 400 shares during the last quarter. Tobam increased its position in shares of Southern Copper Corporation by 1,003.8% in the first quarter. Tobam now owns 3,223 shares of the basic materials company’s stock worth $116,000 after buying an additional 2,931 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Southern Copper Corporation by 114.5% in the second quarter. Bessemer Group Inc. now owns 3,692 shares of the basic materials company’s stock worth $128,000 after buying an additional 1,971 shares during the last quarter. FNY Partners Fund LP bought a new position in shares of Southern Copper Corporation during the first quarter worth approximately $145,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Southern Copper Corporation during the first quarter worth approximately $202,000. Hedge funds and other institutional investors own 6.32% of the company’s stock.

Shares of Southern Copper Corporation (NYSE SCCO) opened at 38.38 on Friday. The stock has a 50 day moving average price of $37.32 and a 200 day moving average price of $36.31. Southern Copper Corporation has a one year low of $24.90 and a one year high of $39.94. The firm has a market cap of $29.67 billion, a price-to-earnings ratio of 30.17 and a beta of 0.55.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be paid a $0.14 dividend. This is a boost from Southern Copper Corporation’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Monday, August 7th. Southern Copper Corporation’s dividend payout ratio (DPR) is 43.75%.

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SCCO has been the subject of a number of recent research reports. BidaskClub upgraded Southern Copper Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Cowen and Company reiterated a “hold” rating and set a $39.00 price target on shares of Southern Copper Corporation in a research report on Wednesday, July 19th. FBR & Co reduced their price target on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, June 16th. Finally, Barclays PLC boosted their price target on Southern Copper Corporation from $33.00 to $35.00 and gave the stock an “underweight” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Southern Copper Corporation presently has an average rating of “Hold” and an average price target of $33.78.

In other news, Chairman German Larrea Mota Velasco sold 504,800 shares of Southern Copper Corporation stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $39.51, for a total value of $19,944,648.00. Following the completion of the sale, the chairman now directly owns 2,972,297 shares of the company’s stock, valued at approximately $117,435,454.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 900,670 shares of company stock valued at $35,575,771 over the last three months. Insiders own 0.53% of the company’s stock.

About Southern Copper Corporation

Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.

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Institutional Ownership by Quarter for Southern Copper Corporation (NYSE:SCCO)

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