Persistent Asset Partners Ltd Sells 55,398 Shares of HudBay Minerals Inc $HBM

Persistent Asset Partners Ltd lowered its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 45.0% in the third quarter, Holdings Channel reports. The institutional investor owned 67,754 shares of the mining company’s stock after selling 55,398 shares during the period. Persistent Asset Partners Ltd’s holdings in HudBay Minerals were worth $1,026,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. GMT Capital Corp bought a new position in shares of HudBay Minerals in the 2nd quarter worth $337,809,000. Hancock Prospecting Pty Ltd purchased a new position in HudBay Minerals in the second quarter valued at about $154,359,000. Picton Mahoney Asset Management bought a new position in HudBay Minerals in the second quarter worth about $61,432,000. Norges Bank bought a new position in HudBay Minerals in the second quarter worth about $60,053,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock valued at $55,264,000 after buying an additional 4,299,428 shares during the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HBM has been the subject of several recent analyst reports. UBS Group began coverage on shares of HudBay Minerals in a research note on Thursday, January 8th. They set a “buy” rating for the company. National Bank Financial cut HudBay Minerals from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, January 28th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, January 15th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Monday, January 26th. Finally, Weiss Ratings raised HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $26.00.

HudBay Minerals Stock Performance

Shares of HBM opened at $24.67 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.76 and a current ratio of 0.97. The stock has a 50-day moving average of $22.72 and a two-hundred day moving average of $17.32. The stock has a market cap of $9.79 billion, a P/E ratio of 21.26 and a beta of 1.33. HudBay Minerals Inc has a one year low of $5.95 and a one year high of $28.74.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data on Friday, February 20th. The mining company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.08). HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. As a group, research analysts predict that HudBay Minerals Inc will post 0.79 EPS for the current year.

HudBay Minerals Company Profile

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.