Wellington Management Group LLP Purchases New Position in HudBay Minerals Inc $HBM

Wellington Management Group LLP acquired a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,529,713 shares of the mining company’s stock, valued at approximately $130,557,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Rakuten Securities Inc. acquired a new stake in HudBay Minerals in the second quarter valued at approximately $28,000. Allworth Financial LP grew its position in HudBay Minerals by 107.9% in the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after acquiring an additional 1,033 shares in the last quarter. Fiduciary Financial Advisors acquired a new position in shares of HudBay Minerals during the 2nd quarter worth $32,000. EFG International AG acquired a new position in shares of HudBay Minerals during the 2nd quarter worth $38,000. Finally, Quarry LP bought a new position in shares of HudBay Minerals during the 3rd quarter valued at $38,000. Institutional investors own 57.82% of the company’s stock.

HudBay Minerals Price Performance

Shares of HudBay Minerals stock opened at $28.56 on Tuesday. The firm has a fifty day simple moving average of $24.64 and a 200-day simple moving average of $24.61. The company has a current ratio of 2.24, a quick ratio of 1.93 and a debt-to-equity ratio of 0.17. HudBay Minerals Inc has a 1-year low of $11.62 and a 1-year high of $32.15. The stock has a market capitalization of $12.68 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 0.45 and a beta of 1.48.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The business had revenue of $631.30 million during the quarter, compared to the consensus estimate of $632.43 million. During the same period in the prior year, the firm earned $0.19 EPS. HudBay Minerals’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, sell-side analysts expect that HudBay Minerals Inc will post 1.58 earnings per share for the current year.

HudBay Minerals Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a yield of 0.1%. HudBay Minerals’s payout ratio is currently 1.76%.

Analyst Ratings Changes

Several research firms recently issued reports on HBM. Weiss Ratings lowered shares of HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 13th. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Barclays boosted their price target on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Citigroup reiterated a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Finally, Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.33.

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.