Norges Bank Makes New $105.32 Million Investment in HudBay Minerals Inc $HBM

Norges Bank purchased a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,304,538 shares of the mining company’s stock, valued at approximately $105,315,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Picton Mahoney Asset Management raised its stake in HudBay Minerals by 9.3% in 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 buying an additional 537,964 shares during the period. Bank of Nova Scotia increased its stake in shares of HudBay Minerals by 662.0% during the third quarter. Bank of Nova Scotia now owns 4,273,384 shares of the mining company’s stock worth $64,783,000 after purchasing an additional 3,712,572 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of HudBay Minerals by 10.4% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock worth $159,111,000 after purchasing an additional 986,278 shares during the period. Affinity Wealth Management LLC bought a new position in shares of HudBay Minerals during the fourth quarter worth approximately $3,857,000. Finally, Artemis Investment Management LLP increased 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 purchasing an additional 770,172 shares during the period. Hedge funds and other institutional investors own 57.82% of the company’s stock.

HudBay Minerals Price Performance

HudBay Minerals stock opened at $25.63 on Friday. The stock’s fifty day moving average price is $24.66 and its two-hundred day moving average price is $22.62. HudBay Minerals Inc has a one year low of $8.93 and a one year high of $32.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. The firm has a market cap of $10.18 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 0.35 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, topping analysts’ consensus estimates of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The firm had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. During the same quarter last year, the company earned $0.24 EPS. The company’s revenue was up 27.3% on a year-over-year basis. As a group, research analysts expect that HudBay Minerals Inc will post 1.66 EPS for the current fiscal year.

HudBay Minerals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, June 9th. HudBay Minerals’s dividend payout ratio (DPR) is 0.60%.

Analyst Ratings Changes

HBM has been the topic of a number of recent research reports. Wall Street Zen upgraded HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. Zacks Research lowered HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Barclays initiated coverage on HudBay Minerals in a research note on Thursday, May 21st. They set an “overweight” rating and a $30.00 target price on the stock. Finally, Citigroup increased their target price 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 research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $27.33.

HudBay Minerals Company 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.