Maverick Capital Ltd. Takes $1.23 Million Position in HudBay Minerals Inc $HBM

Maverick Capital Ltd. purchased a new position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the first quarter, Holdings Channel.com reports. The fund purchased 59,037 shares of the mining company’s stock, valued at approximately $1,234,000.

Several other institutional investors and hedge funds have also modified their holdings of HBM. Allworth Financial LP boosted its stake in HudBay Minerals by 107.9% in the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock valued at $30,000 after buying an additional 1,033 shares in the last quarter. Quarry LP acquired a new position in HudBay Minerals during the third quarter worth about $38,000. IFP Advisors Inc acquired a new position in HudBay Minerals during the third quarter worth about $45,000. Banque Cantonale Vaudoise lifted its holdings in shares of HudBay Minerals by 513.5% in the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after acquiring an additional 2,655 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after acquiring an additional 3,733 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup reaffirmed a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Barclays raised their target price on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Bank of America decreased their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, HudBay Minerals has an average rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Trading Down 2.9%

HBM opened at $21.79 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. HudBay Minerals Inc has a fifty-two week low of $8.93 and a fifty-two week high of $32.15. The company’s 50 day moving average price is $24.78 and its two-hundred day moving average price is $24.13. The firm has a market capitalization of $9.68 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.35 and a beta of 1.48.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The company’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. As a group, research analysts predict that HudBay Minerals Inc will post 1.55 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Tuesday, June 9th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, June 9th. HudBay Minerals’s dividend payout ratio is presently 1.20%.

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.