Tidal Investments LLC Has $7.25 Million Stake in HudBay Minerals Inc $HBM

Tidal Investments LLC reduced its position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 14.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 311,166 shares of the mining company’s stock after selling 52,050 shares during the quarter. Tidal Investments LLC’s holdings in HudBay Minerals were worth $7,247,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in HBM. FIL Ltd grew its position 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 valued at $658,010,000 after acquiring an additional 22,169,339 shares during the period. Invesco Ltd. raised its holdings in shares of HudBay Minerals by 0.4% in the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after purchasing an additional 46,948 shares during the period. Mackenzie Financial Corp lifted its stake in HudBay Minerals by 116.1% in the 4th quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after purchasing an additional 5,468,109 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in HudBay Minerals by 15.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock valued at $187,743,000 after purchasing an additional 1,293,023 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in HudBay Minerals by 7.8% during the first quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company’s stock worth $172,526,000 after purchasing an additional 597,422 shares during the period. Institutional investors and hedge funds own 57.82% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on HBM. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Bank of America cut their price objective on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Wall Street Zen downgraded HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, July 30th. Finally, Weiss Ratings cut HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 13th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Stock Performance

Shares of HBM stock opened at $26.48 on Friday. The company has a market capitalization of $11.76 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.43 and a beta of 1.54. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.93 and a current ratio of 2.24. The company has a 50-day simple moving average of $25.40 and a 200 day simple moving average of $24.75. HudBay Minerals Inc has a 52 week low of $13.00 and a 52 week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The firm had revenue of $631.30 million for the quarter, compared to analysts’ expectations of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The business’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 EPS. On average, sell-side analysts predict that HudBay Minerals Inc will post 1.48 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be given a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. HudBay Minerals’s dividend payout ratio is presently 1.76%.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development and operation of copper assets. The company also produces gold, zinc, silver and molybdenum as byproducts or additional products from its mining operations.

Hudbay operates the Constancia open-pit copper-molybdenum mine in southern Peru, along with the nearby Pampacancha satellite deposit. In Manitoba, Canada, the company operates the Lalor polymetallic mine and the Snow Lake processing facilities, which produce copper, zinc, gold and silver.