The Manufacturers Life Insurance Company Takes $91.58 Million Position in HudBay Minerals Inc $HBM

The Manufacturers Life Insurance Company purchased a new position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,884,081 shares of the mining company’s stock, valued at approximately $91,577,000.

Other institutional investors and hedge funds have also modified their holdings of the company. First Trust Advisors LP raised its position in shares of HudBay Minerals by 35.3% during the 1st quarter. First Trust Advisors LP now owns 229,948 shares of the mining company’s stock valued at $4,814,000 after acquiring an additional 60,025 shares during the last quarter. Bank of America Corp DE boosted its position in shares of HudBay Minerals by 53.3% in the 1st quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock worth $39,369,000 after purchasing an additional 655,308 shares during the last quarter. Artemis Investment Management LLP boosted its position in shares of HudBay Minerals by 15.6% in the 4th quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock worth $113,355,000 after purchasing an additional 770,172 shares during the last quarter. Goehring & Rozencwajg Associates LLC grew its stake in shares of HudBay Minerals by 6.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock worth $16,380,000 after purchasing an additional 51,387 shares during the period. Finally, Maxi Investments CY Ltd acquired a new stake in shares of HudBay Minerals during the fourth quarter worth $993,000. 57.82% of the stock is owned by institutional investors.

HudBay Minerals Stock Performance

HBM stock opened at $30.79 on Wednesday. HudBay Minerals Inc has a 1-year low of $11.48 and a 1-year high of $32.15. The company has a current ratio of 2.24, a quick ratio of 1.93 and a debt-to-equity ratio of 0.17. The firm has a market cap of $13.68 billion, a PE ratio of 18.11, a P/E/G ratio of 0.45 and a beta of 1.48. The business’s 50-day moving average price is $24.50 and its two-hundred day moving average price is $24.48.

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

HudBay Minerals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.1%. The ex-dividend date is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio (DPR) is 1.76%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on HBM shares. Wall Street Zen downgraded HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Barclays upped their price target on HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Finally, Bank of America cut their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.33.

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.