Letko Brosseau & Associates Inc. Trims Position in HudBay Minerals Inc $HBM

Letko Brosseau & Associates Inc. lessened its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 55.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,569,583 shares of the mining company’s stock after selling 1,962,225 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in HudBay Minerals were worth $31,203,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of HBM. Jones Financial Companies Lllp boosted its position in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after acquiring an additional 3,733 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of 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 valued at $55,264,000 after acquiring an additional 4,299,428 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of HudBay Minerals by 6.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock valued at $3,337,000 after acquiring an additional 27,944 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of HudBay Minerals by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company’s stock valued at $2,363,000 after acquiring an additional 15,235 shares during the last quarter. Finally, Creative Planning boosted its position in shares of HudBay Minerals by 5.4% during the 2nd quarter. Creative Planning now owns 25,067 shares of the mining company’s stock valued at $266,000 after acquiring an additional 1,289 shares during the last quarter. Institutional investors own 57.82% of the company’s stock.

Analyst Ratings Changes

HBM has been the subject of a number of research analyst reports. Barclays initiated coverage on HudBay Minerals in a research report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price target for the company. Wall Street Zen upgraded HudBay Minerals from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings downgraded HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. Zacks Research downgraded HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Citigroup lifted their price target on HudBay Minerals from $23.00 to $32.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, HudBay Minerals currently has a consensus rating of “Buy” and a consensus target price of $27.33.

HudBay Minerals Stock Performance

NYSE:HBM opened at $25.57 on Wednesday. The business has a 50 day moving average of $24.92 and a 200 day moving average of $22.82. The company has a market capitalization of $10.16 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.30 and a beta of 1.43. HudBay Minerals Inc has a 1-year low of $8.93 and a 1-year high of $32.15. 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 (NYSE:HBM) (TSE:HBM) last released 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 company had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.HudBay Minerals’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS. On average, sell-side analysts predict that HudBay Minerals Inc will post 1.66 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Tuesday, June 9th will be given a $0.01 dividend. The ex-dividend date is Tuesday, June 9th. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. HudBay Minerals’s payout ratio is presently 0.60%.

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.