Old West Investment Management LLC Buys 225,000 Shares of Hudbay Minerals Inc. (NYSE:HBM)

Old West Investment Management LLC lifted its stake in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 100.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 450,000 shares of the mining company’s stock after buying an additional 225,000 shares during the period. Hudbay Minerals comprises about 1.5% of Old West Investment Management LLC’s holdings, making the stock its 22nd largest position. Old West Investment Management LLC’s holdings in Hudbay Minerals were worth $4,136,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of HBM. Regal Partners Ltd purchased a new position in shares of Hudbay Minerals during the 2nd quarter worth approximately $22,956,000. Artemis Investment Management LLP purchased a new stake in Hudbay Minerals in the third quarter worth $20,907,000. TD Asset Management Inc raised its holdings in Hudbay Minerals by 199.4% in the second quarter. TD Asset Management Inc now owns 2,906,301 shares of the mining company’s stock worth $26,294,000 after purchasing an additional 1,935,709 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Hudbay Minerals by 2,521.9% in the second quarter. Cubist Systematic Strategies LLC now owns 1,752,685 shares of the mining company’s stock worth $15,861,000 after purchasing an additional 1,685,836 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in Hudbay Minerals during the second quarter valued at $14,718,000. 57.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on HBM shares. Stifel Canada raised shares of Hudbay Minerals to a “strong-buy” rating in a research report on Monday, July 22nd. Jefferies Financial Group upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Wednesday, August 14th. Finally, StockNews.com lowered shares of Hudbay Minerals from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Hudbay Minerals has a consensus rating of “Buy” and a consensus price target of $11.17.

Hudbay Minerals Price Performance

Shares of NYSE:HBM opened at $8.78 on Wednesday. The company has a market capitalization of $3.46 billion, a PE ratio of 40.46 and a beta of 1.78. The business has a fifty day moving average price of $8.59 and a 200-day moving average price of $8.64. Hudbay Minerals Inc. has a 1-year low of $3.94 and a 1-year high of $10.49. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.86 and a quick ratio of 1.49.

Hudbay Minerals Cuts Dividend

The company also recently disclosed a Semi-Annual dividend, which was paid on Friday, September 20th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.007 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a yield of 0.2%. Hudbay Minerals’s dividend payout ratio is currently 4.35%.

About Hudbay Minerals

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.