Artemis Investment Management LLP Decreases Position in HudBay Minerals Inc $HBM

Artemis Investment Management LLP trimmed its position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 44.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,583,887 shares of the mining company’s stock after selling 1,268,059 shares during the quarter. Artemis Investment Management LLP’s holdings in HudBay Minerals were worth $42,339,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new position in shares of HudBay Minerals in the 2nd quarter valued at $130,557,000. William Blair Investment Management LLC bought a new position in shares of HudBay Minerals during the 2nd quarter valued at about $99,536,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in HudBay Minerals in the second quarter valued at approximately $99,022,000. Bank of America Corp DE bought a new stake in HudBay Minerals in the 2nd quarter valued at $96,341,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of HudBay Minerals in the second quarter valued at about $91,577,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HBM has been the topic of a number of recent research reports. Citigroup reiterated a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Barclays reaffirmed an “overweight” rating on shares of HudBay Minerals in a research report on Tuesday. Weiss Ratings lowered HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 13th. Finally, Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.33.

HudBay Minerals Stock Performance

Shares of HBM stock traded down $0.75 on Thursday, reaching $25.12. The stock had a trading volume of 2,112,435 shares, compared to its average volume of 5,463,125. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. The firm’s 50-day moving average is $27.08 and its two-hundred day moving average is $25.12. The firm has a market capitalization of $11.16 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 0.45 and a beta of 1.58. HudBay Minerals Inc has a 12 month low of $14.34 and a 12 month high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released 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 return on equity of 9.47% and a net margin of 27.48%.The firm had revenue of $631.30 million for the quarter, compared to analyst estimates of $632.43 million. During the same quarter in the prior year, the company earned $0.19 earnings per share. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, research analysts expect that HudBay Minerals Inc will post 1.43 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th were issued a C$0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, September 8th. HudBay Minerals’s payout ratio is currently 1.76%.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development, and operation of copper, zinc, gold, silver, and molybdenum deposits. The company’s products are used in infrastructure, manufacturing, technology, and energy-related applications. Hudbay is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol HBM.

Hudbay operates mining and processing assets in Canada and Peru. Its Manitoba operations include the Lalor polymetallic mine and processing facilities in the Snow Lake region, which produce zinc, copper, gold, and silver.