SIR Capital Management L.P. Raises Position in HudBay Minerals Inc $HBM

by · The Cerbat Gem

SIR Capital Management L.P. increased its holdings in HudBay Minerals Inc (NYSE:HBM – Free Report) (TSE:HBM) by 65.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 744,517 shares of the mining company’s stock after acquiring an additional 295,717 shares during the quarter. HudBay Minerals comprises 1.6% of SIR Capital Management L.P.’s investment portfolio, making the stock its 21st biggest position. SIR Capital Management L.P.’s holdings in HudBay Minerals were worth $14,779,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Picton Mahoney Asset Management raised its position in shares of HudBay Minerals by 9.3% in the third quarter. Picton Mahoney Asset Management now owns 6,350,482 shares of the mining company’s stock worth $96,171,000 after buying an additional 537,964 shares in the last quarter. Bank of Nova Scotia raised its position in HudBay Minerals by 662.0% during the third quarter. Bank of Nova Scotia now owns 4,273,384 shares of the mining company’s stock valued at $64,783,000 after purchasing an additional 3,712,572 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in HudBay Minerals by 10.4% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock valued at $159,111,000 after purchasing an additional 986,278 shares in the last quarter. Affinity Wealth Management LLC purchased a new stake in HudBay Minerals during the fourth quarter valued at about $3,857,000. Finally, Artemis Investment Management LLP raised its position in HudBay Minerals by 15.6% during the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock valued at $113,355,000 after purchasing an additional 770,172 shares in the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays assumed coverage on HudBay Minerals in a research report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price target on the stock. Weiss Ratings downgraded HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. Wall Street Zen upgraded HudBay Minerals from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Finally, Zacks Research downgraded HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $27.33.

Get Our Latest Analysis on HBM

HudBay Minerals Stock Up 4.3%

HBM opened at $27.79 on Friday. The company has a market cap of $11.04 billion, a P/E ratio of 16.74, a P/E/G ratio of 0.31 and a beta of 1.43. The business’s 50-day moving average price is $25.26 and its 200-day moving average price is $23.01. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14. HudBay Minerals Inc has a 12 month low of $8.93 and a 12 month high of $32.15.

HudBay Minerals (NYSE:HBM – Get Free Report) (TSE:HBM) last released its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $757.30 million for the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company’s quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. On average, equities analysts expect that HudBay Minerals Inc will post 1.66 EPS for the current year.

HudBay Minerals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, June 9th. This represents a $0.04 annualized dividend and a dividend yield of 0.1%. HudBay Minerals’s payout ratio is currently 1.81%.

About HudBay Minerals

(Free Report)

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.

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