Polar Asset Management Partners Inc. Increases Holdings in HudBay Minerals Inc $HBM

Polar Asset Management Partners Inc. increased its stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 37.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 110,000 shares of the mining company’s stock after buying an additional 30,000 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in HudBay Minerals were worth $2,300,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FIL Ltd boosted its stake in HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock worth $658,010,000 after purchasing an additional 22,169,339 shares during the period. Invesco Ltd. increased its position in shares of HudBay Minerals by 0.4% during the third quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after buying an additional 46,948 shares during the period. Mackenzie Financial Corp increased its position in shares of HudBay Minerals by 116.1% during the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after buying an additional 5,468,109 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of HudBay Minerals by 15.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock worth $187,743,000 after buying an additional 1,293,023 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of HudBay Minerals by 79.2% in the fourth quarter. Bank of Nova Scotia now owns 7,659,783 shares of the mining company’s stock worth $152,047,000 after buying an additional 3,386,399 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HBM. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Bank of America reduced their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Finally, Weiss Ratings raised shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Stock Down 0.0%

HBM stock opened at $22.35 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $24.82 and its 200 day moving average is $24.13. The stock has a market cap of $9.93 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48. HudBay Minerals Inc has a 1-year low of $8.93 and a 1-year high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The business had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. During the same period in the previous year, the business posted $0.24 earnings per share. HudBay Minerals’s revenue for the quarter was up 27.3% on a year-over-year basis. Sell-side analysts predict that HudBay Minerals Inc will post 1.6 EPS for the current fiscal year.

HudBay Minerals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th were given a dividend of $0.01 per share. The ex-dividend date was Tuesday, June 9th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. 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.