6,204,757 Shares in Hudbay Minerals Inc. (NYSE:HBM) Acquired by Norges Bank

Norges Bank acquired a new stake in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,204,757 shares of the mining company’s stock, valued at approximately $50,260,000. Norges Bank owned about 1.57% of Hudbay Minerals at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Hudbay Minerals by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 15,267,805 shares of the mining company’s stock valued at $123,852,000 after buying an additional 255,191 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Hudbay Minerals by 0.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,800,892 shares of the mining company’s stock valued at $63,196,000 after purchasing an additional 44,237 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Hudbay Minerals by 102.4% in the 4th quarter. American Century Companies Inc. now owns 4,275,895 shares of the mining company’s stock worth $34,684,000 after purchasing an additional 2,163,000 shares in the last quarter. Galibier Capital Management Ltd. raised its stake in shares of Hudbay Minerals by 3.7% in the fourth quarter. Galibier Capital Management Ltd. now owns 2,613,432 shares of the mining company’s stock worth $21,188,000 after purchasing an additional 92,324 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its holdings in shares of Hudbay Minerals by 13.3% during the fourth quarter. Artemis Investment Management LLP now owns 2,574,709 shares of the mining company’s stock valued at $20,858,000 after purchasing an additional 301,455 shares in the last quarter. 57.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on HBM. Stifel Canada upgraded Hudbay Minerals to a “strong-buy” rating in a report on Wednesday, March 19th. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Finally, Desjardins started coverage on shares of Hudbay Minerals in a research report on Friday. They set a “buy” rating on the stock. Four 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.com, the stock currently has an average rating of “Buy” and an average target price of $11.50.

Hudbay Minerals Stock Down 11.5 %

HBM stock opened at $6.30 on Friday. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 34.97 and a beta of 1.72. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86. The business’s 50-day moving average is $7.94 and its two-hundred day moving average is $8.52. Hudbay Minerals Inc. has a fifty-two week low of $6.04 and a fifty-two week high of $10.49.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings data on Wednesday, February 19th. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). The business had revenue of $584.90 million during the quarter, compared to the consensus estimate of $588.28 million. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. Hudbay Minerals’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.20 EPS. As a group, analysts forecast that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 4th were given a dividend of $0.007 per share. This is an increase from Hudbay Minerals’s previous semi-annual dividend of $0.01. The ex-dividend date was Tuesday, March 4th. This represents a dividend yield of 0.2%. Hudbay Minerals’s payout ratio is presently 5.56%.

Hudbay Minerals Company 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.