Polar Asset Management Partners Inc. Invests $3.04 Million in HudBay Minerals Inc $HBM

Polar Asset Management Partners Inc. bought a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the second quarter, Holdings Channel.com reports. The firm bought 128,817 shares of the mining company’s stock, valued at approximately $3,037,000.

Several other large investors have also added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in HudBay Minerals by 35.3% during the first quarter. First Trust Advisors LP now owns 229,948 shares of the mining company’s stock valued at $4,814,000 after purchasing an additional 60,025 shares during the period. Bank of America Corp DE grew its position in HudBay Minerals by 53.3% during the 1st quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock worth $39,369,000 after purchasing an additional 655,308 shares during the period. Artemis Investment Management LLP raised its stake in shares of HudBay Minerals by 15.6% during the 4th quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock valued at $113,355,000 after buying an additional 770,172 shares during the last quarter. Goehring & Rozencwajg Associates LLC raised its stake in shares of HudBay Minerals by 6.6% during the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock valued at $16,380,000 after buying an additional 51,387 shares during the last quarter. Finally, Maxi Investments CY Ltd acquired a new position in shares of HudBay Minerals in the 4th quarter valued at about $993,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

HudBay Minerals Trading Up 4.0%

HBM stock opened at $30.79 on Wednesday. The company’s 50-day simple moving average is $24.50 and its 200-day simple moving average is $24.48. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. HudBay Minerals Inc has a 52-week low of $11.48 and a 52-week high of $32.15. The firm has a market cap of $13.68 billion, a P/E ratio of 18.11, a PEG ratio of 0.45 and a beta of 1.48.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The firm had revenue of $631.30 million during the quarter, compared to analyst estimates of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.HudBay Minerals’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. As a group, equities analysts forecast that HudBay Minerals Inc will post 1.58 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 issued a $0.01 dividend. 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 presently 1.76%.

Analysts Set New Price Targets

A number of analysts have recently commented on HBM shares. Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Barclays lifted their price target on HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Finally, Bank of America cut their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a report on Thursday, July 9th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.