Blue Sky Asset Management LLC Buys Shares of 32,250 Southern Copper Corporation (SCCO)

Blue Sky Asset Management LLC bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 32,250 shares of the basic materials company’s stock, valued at approximately $1,117,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IndexIQ Advisors LLC raised its position in Southern Copper Corporation by 199.8% in the first quarter. IndexIQ Advisors LLC now owns 59,503 shares of the basic materials company’s stock worth $2,136,000 after buying an additional 39,657 shares during the period. Commerzbank Aktiengesellschaft FI acquired a new position in Southern Copper Corporation during the first quarter worth $1,253,000. Wells Fargo & Company MN raised its position in Southern Copper Corporation by 33.1% in the first quarter. Wells Fargo & Company MN now owns 86,411 shares of the basic materials company’s stock worth $3,101,000 after buying an additional 21,494 shares during the period. KAMES CAPITAL plc acquired a new position in Southern Copper Corporation during the first quarter worth $775,000. Finally, Sit Investment Associates Inc. raised its position in 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 period. 6.32% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Corporation (NYSE:SCCO) opened at 39.28 on Wednesday. The stock has a market capitalization of $30.36 billion, a price-to-earnings ratio of 30.88 and a beta of 0.55. The firm’s 50-day moving average is $36.66 and its 200 day moving average is $36.20. Southern Copper Corporation has a 1-year low of $24.90 and a 1-year high of $39.94.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, August 9th will be issued 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 yield of 1.43%. The ex-dividend date of this dividend is Monday, August 7th. Southern Copper Corporation’s dividend payout ratio is presently 43.75%.

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A number of research analysts recently weighed in on the stock. Cowen and Company reissued a “hold” rating and issued a $39.00 target price on shares of Southern Copper Corporation in a report on Wednesday, July 19th. BidaskClub raised shares of Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, FBR & Co cut their target price on shares of Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, June 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Southern Copper Corporation has an average rating of “Hold” and a consensus target price of $33.53.

In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 135,000 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $39.44, for a total value of $5,324,400.00. Following the completion of the sale, the chairman now directly owns 3,737,967 shares in the company, valued at approximately $147,425,418.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 900,670 shares of company stock valued at $35,575,771. 0.53% of the stock is owned by company insiders.

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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