The Manufacturers Life Insurance Company Has $50.70 Million Position in HudBay Minerals Inc $HBM

The Manufacturers Life Insurance Company raised its position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 16.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,424,469 shares of the mining company’s stock after purchasing an additional 336,037 shares during the quarter. The Manufacturers Life Insurance Company owned 0.61% of HudBay Minerals worth $50,701,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. FIL Ltd grew its holdings in shares of HudBay Minerals by 202.0% during the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock worth $658,010,000 after purchasing an additional 22,169,339 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in HudBay Minerals in the 3rd quarter valued at approximately $123,736,000. Mackenzie Financial Corp raised its holdings in HudBay Minerals by 116.1% in the 4th quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after buying an additional 5,468,109 shares during the last quarter. Norges Bank bought a new position in HudBay Minerals in the 4th quarter valued at approximately $105,315,000. Finally, Goldman Sachs Group Inc. boosted its position in HudBay Minerals by 144.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after buying an additional 4,299,428 shares during the period. 57.82% of the stock is owned by institutional investors and hedge funds.

HudBay Minerals Stock Performance

NYSE:HBM opened at $22.70 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. HudBay Minerals Inc has a fifty-two week low of $9.01 and a fifty-two week high of $32.15. The company has a 50 day simple moving average of $24.68 and a two-hundred day simple moving average of $24.14. The company has a market capitalization of $10.08 billion, a PE ratio of 13.35, a P/E/G ratio of 0.34 and a beta of 1.48.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 10.73%. The firm had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. During the same quarter in the previous year, the company earned $0.19 EPS. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. Research analysts anticipate that HudBay Minerals Inc will post 1.55 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. Investors of record on Tuesday, September 8th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.04 annualized dividend and a yield of 0.2%. HudBay Minerals’s payout ratio is presently 1.81%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on HBM shares. Citigroup reissued 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 report on Thursday. Weiss Ratings raised shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Finally, Bank of America lowered their target price on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.33.

HudBay Minerals Company 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.