Picton Mahoney Asset Management Has $96.17 Million Stock Position in HudBay Minerals Inc $HBM

Picton Mahoney Asset Management boosted its stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 9.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,350,482 shares of the mining company’s stock after purchasing an additional 537,964 shares during the quarter. HudBay Minerals comprises 0.9% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 19th biggest position. Picton Mahoney Asset Management owned 1.60% of HudBay Minerals worth $96,171,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of HBM. GMT Capital Corp bought a new position in HudBay Minerals in the 2nd quarter valued at about $337,809,000. Vanguard Group Inc. lifted its holdings in shares of HudBay Minerals by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 16,198,255 shares of the mining company’s stock worth $245,355,000 after acquiring an additional 373,399 shares during the period. L1 Capital Pty Ltd boosted its position in shares of HudBay Minerals by 4.4% during the 2nd quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company’s stock worth $159,864,000 after acquiring an additional 630,703 shares in the last quarter. Hancock Prospecting Pty Ltd acquired a new stake in shares of HudBay Minerals during the 2nd quarter worth approximately $154,359,000. Finally, Invesco Ltd. increased its stake in HudBay Minerals by 8.7% in the second quarter. Invesco Ltd. now owns 11,344,408 shares of the mining company’s stock valued at $120,364,000 after acquiring an additional 903,517 shares during the last quarter. Institutional investors own 57.82% of the company’s stock.

HudBay Minerals Stock Down 6.8%

Shares of HBM opened at $24.93 on Wednesday. HudBay Minerals Inc has a 52 week low of $5.95 and a 52 week high of $28.74. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.36 and a beta of 1.27. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.78 and a current ratio of 0.95. The stock has a fifty day moving average of $23.95 and a 200-day moving average of $18.37.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings data on Friday, February 20th. The mining company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.18). HudBay Minerals had a return on equity of 8.91% and a net margin of 25.71%.The firm had revenue of $732.90 million for the quarter, compared to the consensus estimate of $730.13 million. During the same quarter in the prior year, the firm earned $0.18 EPS. The company’s revenue was up 25.3% on a year-over-year basis. As a group, sell-side analysts anticipate that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The company also recently declared a dividend, which will be paid on Friday, March 27th. Stockholders of record on Tuesday, March 10th will be issued a dividend of $0.01 per share. This represents a dividend yield of 8.0%. The ex-dividend date is Tuesday, March 10th. HudBay Minerals’s payout ratio is 0.70%.

Analysts Set New Price Targets

Several research firms have weighed in on HBM. Weiss Ratings upgraded HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, January 15th. Raymond James Financial restated an “outperform” rating on shares of HudBay Minerals in a research report on Wednesday, January 14th. UBS Group started coverage on HudBay Minerals in a research note on Thursday, January 8th. They issued a “buy” rating on the stock. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Monday, November 17th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $26.00.

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.