Meritage Portfolio Management Decreases Stake in Hudbay Minerals Inc. (NYSE:HBM)

Meritage Portfolio Management lessened its stake in Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 716,678 shares of the mining company’s stock after selling 17,081 shares during the quarter. Meritage Portfolio Management owned 0.18% of Hudbay Minerals worth $5,805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Algert Global LLC purchased a new position in Hudbay Minerals in the second quarter valued at about $111,000. Artemis Investment Management LLP acquired a new stake in shares of Hudbay Minerals in the 3rd quarter worth approximately $20,907,000. Strong Tower Advisory Services grew its holdings in shares of Hudbay Minerals by 8.0% in the 3rd quarter. Strong Tower Advisory Services now owns 61,842 shares of the mining company’s stock worth $568,000 after acquiring an additional 4,599 shares during the period. First Affirmative Financial Network purchased a new position in Hudbay Minerals in the 3rd quarter valued at approximately $103,000. Finally, Exchange Traded Concepts LLC acquired a new position in Hudbay Minerals during the third quarter worth $53,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Thursday, January 30th. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Hudbay Minerals presently has a consensus rating of “Buy” and an average target price of $11.17.

Hudbay Minerals Trading Up 5.4 %

Shares of Hudbay Minerals stock opened at $8.65 on Wednesday. Hudbay Minerals Inc. has a 1 year low of $4.94 and a 1 year high of $10.49. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The business has a 50 day moving average price of $8.57 and a 200 day moving average price of $8.46. The company has a market capitalization of $3.42 billion, a P/E ratio of 37.62 and a beta of 1.74.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The company had revenue of $485.80 million during the quarter, compared to the consensus estimate of $454.47 million. During the same quarter last year, the business posted $0.07 earnings per share. Hudbay Minerals’s revenue was up 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Hudbay Minerals Inc. will post 0.52 EPS for the current fiscal year.

Hudbay Minerals Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.