EdgePoint Investment Group Inc. Sells 1,566,712 Shares of HudBay Minerals Inc $HBM

EdgePoint Investment Group Inc. decreased its position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 23.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,224,213 shares of the mining company’s stock after selling 1,566,712 shares during the period. HudBay Minerals comprises approximately 0.6% of EdgePoint Investment Group Inc.’s holdings, making the stock its 24th largest holding. EdgePoint Investment Group Inc. owned 1.32% of HudBay Minerals worth $79,113,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp increased its position in shares of HudBay Minerals by 131.6% during the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after purchasing an additional 3,733 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of HudBay Minerals by 144.2% in 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 purchasing an additional 4,299,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in HudBay Minerals by 6.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock worth $3,337,000 after purchasing an additional 27,944 shares during the period. Envestnet Asset Management Inc. boosted its stake in HudBay Minerals by 45.6% during the second quarter. Envestnet Asset Management Inc. now owns 51,581 shares of the mining company’s stock worth $547,000 after buying an additional 16,149 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in HudBay Minerals during the second quarter worth $19,909,000. Institutional investors own 57.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on HBM shares. National Bank Financial cut shares of HudBay Minerals from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, January 28th. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Wednesday, January 14th. Citigroup upped their target price on shares of HudBay Minerals from $23.00 to $32.50 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Weiss Ratings raised shares of HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 10th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of HudBay Minerals in a research note on Monday, November 17th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.00.

HudBay Minerals Stock Performance

HudBay Minerals stock opened at $20.71 on Friday. The firm has a market capitalization of $8.22 billion, a P/E ratio of 14.48, a P/E/G ratio of 0.28 and a beta of 1.27. The stock has a fifty day moving average price of $24.38 and a two-hundred day moving average price of $18.95. HudBay Minerals Inc has a 52-week low of $5.95 and a 52-week high of $28.74. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.95 and a quick ratio of 0.78.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its earnings results on Friday, February 20th. The mining company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.18). The firm had revenue of $732.90 million during the quarter, compared to analyst estimates of $730.13 million. HudBay Minerals had a net margin of 25.71% and a return on equity of 8.91%. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 EPS. As a group, analysts anticipate that HudBay Minerals Inc will post 0.79 EPS for the current fiscal year.

HudBay Minerals Announces Dividend

The company also recently declared a dividend, which will be paid on Friday, March 27th. Shareholders of record on Tuesday, March 10th will be given a $0.01 dividend. The ex-dividend date is Tuesday, March 10th. This represents a yield of 9.0%. HudBay Minerals’s payout ratio is 0.70%.

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.