The Manufacturers Life Insurance Company boosted its holdings in HudBay Minerals Inc (NYSE:HBM – Free Report) (TSE:HBM) by 16.1% in the first quarter, HoldingsChannel reports. The firm owned 2,424,469 shares of the mining company’s stock after purchasing an additional 336,037 shares during the period. The Manufacturers Life Insurance Company’s holdings in HudBay Minerals were worth $50,701,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in HBM. Allworth Financial LP boosted its holdings in shares of HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after buying an additional 1,033 shares in the last quarter. Quarry LP bought a new stake in shares of HudBay Minerals in the 3rd quarter valued at $38,000. IFP Advisors Inc bought a new stake in shares of HudBay Minerals in the 3rd quarter valued at $45,000. Banque Cantonale Vaudoise increased its stake in shares of HudBay Minerals by 513.5% in the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock valued at $48,000 after acquiring an additional 2,655 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after acquiring an additional 3,733 shares during the period. 57.82% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on HBM. Barclays increased their target price on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a report on Thursday. Citigroup reissued a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Finally, Weiss Ratings upgraded HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.33.
HudBay Minerals Price Performance
Shares of NYSE:HBM opened at $22.70 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.36 and a debt-to-equity ratio of 0.14. HudBay Minerals Inc has a twelve month low of $9.01 and a twelve month high of $32.15. The stock’s 50 day moving average is $24.68 and its 200-day moving average is $24.14. The firm has a market capitalization of $10.08 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.34 and a beta of 1.48.
HudBay Minerals (NYSE:HBM – Get Free Report) (TSE:HBM) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 10.73%. The business had revenue of $631.30 million during the quarter, compared to the consensus estimate of $632.43 million. During the same quarter last year, the firm posted $0.19 EPS. HudBay Minerals’s revenue was up 17.7% compared to the same quarter last year. Sell-side analysts forecast that HudBay Minerals Inc will post 1.55 EPS for the current fiscal year.
HudBay Minerals Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio (DPR) is 1.81%.
About HudBay Minerals
HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.
The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.
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