CIBC Asset Management Inc continued to hold its stake in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,224 shares of the basic materials company’s stock at the end of the second quarter. CIBC Asset Management Inc’s holdings in Southern Copper Corporation were worth $1,081,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SCCO. Great West Life Assurance Co. Can increased its stake in shares of Southern Copper Corporation by 3.3% in the second quarter. Great West Life Assurance Co. Can now owns 60,238 shares of the basic materials company’s stock valued at $2,083,000 after buying an additional 1,900 shares during the last quarter. Strs Ohio increased its stake in shares of Southern Copper Corporation by 34.7% in the second quarter. Strs Ohio now owns 169,909 shares of the basic materials company’s stock valued at $5,883,000 after buying an additional 43,800 shares during the last quarter. Shell Asset Management Co. increased its stake in Southern Copper Corporation by 3.0% in the second quarter. Shell Asset Management Co. now owns 122,824 shares of the basic materials company’s stock valued at $4,253,000 after buying an additional 3,619 shares in the last quarter. APG Asset Management N.V. increased its stake in Southern Copper Corporation by 20.4% in the second quarter. APG Asset Management N.V. now owns 683,200 shares of the basic materials company’s stock valued at $23,659,000 after buying an additional 115,700 shares in the last quarter. Finally, Manning & Napier Advisors LLC increased its stake in Southern Copper Corporation by 10.5% in the second quarter. Manning & Napier Advisors LLC now owns 1,776,807 shares of the basic materials company’s stock valued at $61,529,000 after buying an additional 168,577 shares in the last quarter. 6.32% of the stock is owned by institutional investors and hedge funds.

Shares of Southern Copper Corporation (NYSE:SCCO) opened at 38.38 on Friday. Southern Copper Corporation has a 1-year low of $24.90 and a 1-year high of $39.94. The company has a market cap of $29.67 billion, a P/E ratio of 30.17 and a beta of 0.55. The stock’s 50 day moving average is $37.32 and its 200 day moving average is $36.31.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be issued a $0.14 dividend. This is a positive change 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 of this dividend is Monday, August 7th. Southern Copper Corporation’s dividend payout ratio is currently 43.75%.

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Several research firms have recently weighed in on SCCO. Barclays PLC lifted their price target on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the company an “underweight” rating in a research note on Wednesday. Cowen and Company reaffirmed a “hold” rating and set a $39.00 price target on shares of Southern Copper Corporation in a research note on Wednesday, July 19th. BidaskClub raised shares of Southern Copper Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, FBR & Co decreased their price target on shares of Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, June 16th. 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. The stock has an average rating of “Hold” and a consensus price target of $33.78.

In other news, Chairman German Larrea Mota Velasco sold 25,070 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $39.50, for a total value of $990,265.00. Following the transaction, the chairman now directly owns 3,477,097 shares in the company, valued at approximately $137,345,331.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 900,670 shares of company stock worth $35,575,771. Company 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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