Royal Bank of Canada Raises Stock Position in HudBay Minerals Inc $HBM

Royal Bank of Canada grew its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 7.8% in the first quarter, Holdings Channel.com reports. The fund owned 8,254,831 shares of the mining company’s stock after purchasing an additional 597,422 shares during the period. Royal Bank of Canada’s holdings in HudBay Minerals were worth $172,526,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. FIL Ltd grew its holdings in shares of HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock worth $658,010,000 after acquiring an additional 22,169,339 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in HudBay Minerals during the third quarter worth $123,736,000. Mackenzie Financial Corp raised its holdings in HudBay Minerals by 116.1% during the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after purchasing an additional 5,468,109 shares during the last quarter. Norges Bank purchased a new stake in HudBay Minerals during the fourth quarter worth $105,315,000. Finally, Goldman Sachs Group Inc. boosted its position in HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after purchasing an additional 4,299,428 shares in the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Analyst Ratings Changes

HBM has been the topic of several research reports. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, June 25th. Barclays lifted their price target on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Citigroup reissued a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Stock Performance

NYSE:HBM opened at $21.94 on Thursday. The firm has a 50 day simple moving average of $24.72 and a 200-day simple moving average of $24.14. 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 $9.75 billion, a PE ratio of 13.22, a P/E/G ratio of 0.34 and a beta of 1.48. HudBay Minerals Inc has a 1-year low of $8.93 and a 1-year high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The business had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. During the same quarter in the prior year, the firm posted $0.19 earnings per share. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, equities analysts expect that HudBay Minerals Inc will post 1.55 EPS for the current year.

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.