Legal & General Group Plc Makes New Investment in HudBay Minerals Inc $HBM

Legal & General Group Plc acquired a new stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 671,219 shares of the mining company’s stock, valued at approximately $15,844,000.

Several other hedge funds have also recently modified their holdings of HBM. Rakuten Securities Inc. purchased a new position in shares of HudBay Minerals in the 2nd quarter valued at approximately $28,000. Allworth Financial LP grew its position in 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 purchasing an additional 1,033 shares during the last quarter. Fiduciary Financial Advisors acquired a new position in HudBay Minerals during the 2nd quarter valued at approximately $32,000. Quarry LP purchased a new position in shares of HudBay Minerals in the third quarter worth $38,000. Finally, IFP Advisors Inc purchased a new position in shares of HudBay Minerals in the third quarter worth $45,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

HudBay Minerals Trading Up 0.3%

NYSE HBM opened at $29.38 on Monday. The company has a market capitalization of $13.05 billion, a PE ratio of 17.28, a P/E/G ratio of 0.45 and a beta of 1.48. The company has a fifty day moving average of $24.63 and a 200 day moving average of $24.59. HudBay Minerals Inc has a 1 year low of $11.62 and a 1 year high of $32.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $631.30 million for the quarter, compared to analyst estimates of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The firm’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.19 earnings per share. Research analysts forecast that HudBay Minerals Inc will post 1.58 earnings per share for the current year.

HudBay Minerals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Tuesday, September 8th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio (DPR) is 1.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on HBM shares. Barclays boosted their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Bank of America lowered their price target on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Jefferies Financial Group reiterated a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Citigroup reissued a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Finally, Weiss Ratings cut HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.33.

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.