Pinnacle Associates Ltd. Purchases Shares of 23,363 HudBay Minerals Inc $HBM

Pinnacle Associates Ltd. acquired a new position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 23,363 shares of the mining company’s stock, valued at approximately $354,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in HudBay Minerals in the 3rd quarter valued at approximately $45,000. Jones Financial Companies Lllp boosted its position in HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after acquiring an additional 3,733 shares during the period. Verus Capital Partners LLC bought a new position in shares of HudBay Minerals in the third quarter worth $152,000. Semanteon Capital Management LP bought a new position in shares of HudBay Minerals in the third quarter worth $165,000. Finally, Cetera Investment Advisers increased its holdings in shares of HudBay Minerals by 27.4% during the second quarter. Cetera Investment Advisers now owns 18,337 shares of the mining company’s stock valued at $195,000 after purchasing an additional 3,943 shares during the period. 57.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

HBM has been the topic of a number of recent analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of HudBay Minerals in a research note on Monday, November 17th. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research note on Sunday, December 7th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, January 15th. Weiss Ratings raised shares of HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $26.00.

HudBay Minerals Trading Down 3.0%

NYSE:HBM opened at $21.83 on Friday. The stock has a fifty day simple moving average of $24.37 and a 200 day simple moving average of $18.84. The firm has a market capitalization of $8.66 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 0.31 and a beta of 1.27. HudBay Minerals Inc has a 1-year low of $5.95 and a 1-year high of $28.74. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 0.18.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Friday, February 20th. The mining company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.18). The firm had revenue of $732.90 million during the quarter, compared to analysts’ expectations of $730.13 million. HudBay Minerals had a return on equity of 8.91% and a net margin of 25.71%.The business’s revenue was up 25.3% on a year-over-year basis. During the same period last year, the business earned $0.18 earnings per share. Sell-side analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

HudBay Minerals Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, March 27th. Stockholders of record on Tuesday, March 10th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, March 10th. This represents a dividend yield of 9.0%. HudBay Minerals’s dividend payout ratio is presently 0.70%.

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.