Renaissance Group LLC Takes Position in HudBay Minerals Inc $HBM

Renaissance Group LLC purchased a new stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 340,979 shares of the mining company’s stock, valued at approximately $6,768,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in HBM. Picton Mahoney Asset Management grew its stake in shares of HudBay Minerals by 9.3% during the third quarter. Picton Mahoney Asset Management now owns 6,350,482 shares of the mining company’s stock valued at $96,171,000 after purchasing an additional 537,964 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of HudBay Minerals by 662.0% in the 3rd quarter. Bank of Nova Scotia now owns 4,273,384 shares of the mining company’s stock valued at $64,783,000 after purchasing an additional 3,712,572 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of HudBay Minerals by 10.4% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock worth $159,111,000 after buying an additional 986,278 shares during the period. Affinity Wealth Management LLC acquired a new stake in shares of HudBay Minerals during the 4th quarter worth approximately $3,857,000. Finally, Artemis Investment Management LLP raised its stake in shares of HudBay Minerals by 15.6% during the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock worth $113,355,000 after buying an additional 770,172 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

HudBay Minerals Stock Down 3.7%

Shares of HBM stock opened at $24.64 on Thursday. HudBay Minerals Inc has a 12-month low of $8.93 and a 12-month high of $32.15. The company has a quick ratio of 1.20, a current ratio of 1.36 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average of $25.03 and a 200-day moving average of $22.89. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 14.84, a P/E/G ratio of 0.30 and a beta of 1.43.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.34 by $0.06. The business had revenue of $757.30 million for the quarter, compared to analysts’ expectations of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The firm’s revenue was up 27.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. As a group, equities research analysts predict that HudBay Minerals Inc will post 1.66 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, June 9th. HudBay Minerals’s payout ratio is 1.81%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on HBM shares. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Zacks Research cut shares of HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Wall Street Zen raised HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings lowered HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. Finally, Citigroup lifted their price objective on HudBay Minerals from $23.00 to $32.50 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, HudBay Minerals currently has an average rating of “Buy” and a consensus target price of $27.33.

About HudBay Minerals

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.