NewEdge Advisors LLC Raises Stock Position in HudBay Minerals Inc $HBM

NewEdge Advisors LLC boosted its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 5,677.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,502 shares of the mining company’s stock after purchasing an additional 27,026 shares during the period. NewEdge Advisors LLC’s holdings in HudBay Minerals were worth $575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. FIL Ltd lifted its holdings in shares of HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after buying an additional 22,169,339 shares during the period. Invesco Ltd. lifted its holdings in HudBay Minerals by 0.4% in the third quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after acquiring an additional 46,948 shares during the period. Mackenzie Financial Corp lifted its holdings in HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after acquiring an additional 5,468,109 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in HudBay Minerals by 15.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock worth $187,743,000 after purchasing an additional 1,293,023 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in HudBay Minerals by 7.8% in the 1st quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company’s stock worth $172,526,000 after purchasing an additional 597,422 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings lowered shares of HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 13th. Citigroup reissued a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, July 30th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Stock Performance

Shares of NYSE:HBM opened at $28.18 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93. The business’s 50 day moving average price is $24.40 and its 200-day moving average price is $24.38. The firm has a market capitalization of $12.52 billion, a PE ratio of 16.58, a P/E/G ratio of 0.42 and a beta of 1.48. HudBay Minerals Inc has a 1 year low of $10.97 and a 1 year high of $32.15.

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

HudBay Minerals Dividend Announcement

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

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.