Swiss National Bank Sells $30M of Southern Copper Stock

The Swiss National Bank reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 10.8% in the first quarter, according to the company's latest 13F filing with the Securities and Exchange Commission.

The bank sold 21,370 shares during the period, bringing its total holdings in the basic materials company down to 175,739 shares, worth $30,238,000 at the end of the most recent quarter.

This is not an isolated incident, as a number of other hedge funds have also added to or reduced their stakes in SCCO. Several analysts have weighed in on the stock, with Wells Fargo & Company raising its price target from $171.00 to $172.00 and giving the company an 'equal weight' rating.