Thomist Capital Management LP Takes $17.31 Million Position in HudBay Minerals Inc $HBM

Thomist Capital Management LP acquired a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 734,227 shares of the mining company’s stock, valued at approximately $17,312,000. HudBay Minerals makes up about 5.5% of Thomist Capital Management LP’s investment portfolio, making the stock its 6th biggest position. Thomist Capital Management LP owned 0.17% of HudBay Minerals as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Rakuten Securities Inc. bought a new stake in HudBay Minerals during the 2nd quarter worth about $28,000. Allworth Financial LP boosted its stake in shares of HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after buying an additional 1,033 shares during the last quarter. Fiduciary Financial Advisors bought a new position in shares of HudBay Minerals in the 2nd quarter valued at about $32,000. Quarry LP bought a new position in shares of HudBay Minerals in the 3rd quarter valued at about $38,000. Finally, IFP Advisors Inc acquired a new stake in shares of HudBay Minerals in the third quarter valued at about $45,000. Institutional investors own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

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

HudBay Minerals Price Performance

NYSE:HBM opened at $29.60 on Tuesday. HudBay Minerals Inc has a one year low of $11.48 and a one year high of $32.15. The company has a market cap of $13.15 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.46 and a beta of 1.48. The firm’s fifty day moving average price is $24.47 and its two-hundred day moving average price is $24.45. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The company had revenue of $631.30 million during the quarter, compared to analysts’ expectations of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. HudBay Minerals’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 EPS. Equities analysts expect that HudBay Minerals Inc will post 1.58 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Tuesday, September 8th. HudBay Minerals’s payout ratio is currently 1.18%.

HudBay Minerals 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.