CoreCommodity Management LLC Sells 264,875 Shares of Hudbay Minerals Inc. (NYSE:HBM)

CoreCommodity Management LLC cut its holdings in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 48.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 276,299 shares of the mining company’s stock after selling 264,875 shares during the quarter. CoreCommodity Management LLC’s holdings in Hudbay Minerals were worth $2,237,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC raised its stake in Hudbay Minerals by 4.9% during the 3rd quarter. Geode Capital Management LLC now owns 183,967 shares of the mining company’s stock valued at $1,700,000 after purchasing an additional 8,664 shares during the period. Barclays PLC lifted its holdings in shares of Hudbay Minerals by 2,414.5% in the third quarter. Barclays PLC now owns 86,475 shares of the mining company’s stock worth $795,000 after buying an additional 83,036 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Hudbay Minerals in the third quarter worth $886,000. Oliver Luxxe Assets LLC boosted its position in shares of Hudbay Minerals by 2.5% during the fourth quarter. Oliver Luxxe Assets LLC now owns 132,498 shares of the mining company’s stock worth $1,073,000 after acquiring an additional 3,282 shares during the last quarter. Finally, Galibier Capital Management Ltd. grew its stake in Hudbay Minerals by 3.7% during the fourth quarter. Galibier Capital Management Ltd. now owns 2,613,432 shares of the mining company’s stock valued at $21,188,000 after acquiring an additional 92,324 shares in the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on HBM. Stifel Canada raised shares of Hudbay Minerals to a “strong-buy” rating in a report on Wednesday, March 19th. StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Desjardins initiated coverage on Hudbay Minerals in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Finally, BMO Capital Markets started coverage on Hudbay Minerals in a research report on Wednesday, April 16th. They set an “outperform” rating for the company. Four investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Hudbay Minerals has a consensus rating of “Buy” and a consensus target price of $14.00.

Hudbay Minerals Stock Performance

NYSE HBM opened at $7.70 on Wednesday. The business’s 50 day moving average price is $7.31 and its 200-day moving average price is $8.21. Hudbay Minerals Inc. has a fifty-two week low of $5.95 and a fifty-two week high of $10.49. The company has a market cap of $3.04 billion, a P/E ratio of 42.78 and a beta of 1.56. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Wednesday, February 19th. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). Hudbay Minerals had a net margin of 3.80% and a return on equity of 7.29%. The business had revenue of $584.90 million for the quarter, compared to analysts’ expectations of $588.28 million. During the same quarter last year, the firm earned $0.20 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. Sell-side analysts predict that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 4th were issued a $0.007 dividend. The ex-dividend date was Tuesday, March 4th. This is a boost from Hudbay Minerals’s previous semi-annual dividend of $0.01. This represents a dividend yield of 0.2%. Hudbay Minerals’s dividend payout ratio is presently 5.56%.

About Hudbay Minerals

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.