Polar Asset Management Partners Inc. Acquires 30,000 Shares of HudBay Minerals Inc $HBM

Polar Asset Management Partners Inc. lifted its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 37.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,000 shares of the mining company’s stock after acquiring an additional 30,000 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in HudBay Minerals were worth $2,300,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of HBM. Affinity Wealth Management LLC bought a new stake in shares of HudBay Minerals during the 4th quarter worth $3,857,000. Artemis Investment Management LLP grew its position in 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 valued at $113,355,000 after buying an additional 770,172 shares during the period. Goehring & Rozencwajg Associates LLC grew its position in HudBay Minerals by 6.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock valued at $16,380,000 after buying an additional 51,387 shares during the period. Maxi Investments CY Ltd bought a new position in HudBay Minerals during the fourth quarter valued at about $993,000. Finally, Louisbourg Investments Inc. purchased a new stake in HudBay Minerals during the fourth quarter worth about $5,247,000. 57.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on HBM. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Weiss Ratings raised shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 29th. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Trading Down 0.0%

Shares of HudBay Minerals stock opened at $22.35 on Tuesday. The stock has a market capitalization of $9.93 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.34 and a beta of 1.48. HudBay Minerals Inc has a 52-week low of $8.93 and a 52-week high of $32.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. The stock’s 50-day simple moving average is $24.82 and its 200 day simple moving average is $24.13.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The company’s quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. As a group, research analysts anticipate that HudBay Minerals Inc will post 1.6 EPS for the current year.

HudBay Minerals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Tuesday, June 9th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Tuesday, June 9th. HudBay Minerals’s dividend payout ratio is presently 1.81%.

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.