Man Group plc Buys Shares of 2,380,488 HudBay Minerals Inc $HBM

Man Group plc bought a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,380,488 shares of the mining company’s stock, valued at approximately $56,194,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Rakuten Securities Inc. bought a new stake in shares of HudBay Minerals in the 2nd quarter valued at $28,000. Allworth Financial LP lifted its holdings in HudBay Minerals by 107.9% during 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 bought a new position in HudBay Minerals during the second quarter worth about $32,000. EFG International AG bought a new position in HudBay Minerals during the second quarter worth about $38,000. Finally, Quarry LP acquired a new position in HudBay Minerals in the third quarter valued at about $38,000. 57.82% of the stock is owned by institutional investors.

HudBay Minerals Stock Performance

HBM opened at $30.79 on Wednesday. The company has a market capitalization of $13.68 billion, a price-to-earnings ratio of 18.11, a P/E/G ratio of 0.45 and a beta of 1.48. The business’s 50-day moving average price is $24.50 and its two-hundred day moving average price is $24.48. HudBay Minerals Inc has a 1 year low of $11.48 and a 1 year high of $32.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93.

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 for the quarter, topping the consensus estimate of $0.26 by $0.02. The company had revenue of $631.30 million during the quarter, compared to analysts’ expectations of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.HudBay Minerals’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 earnings per share. Equities analysts expect that HudBay Minerals Inc will post 1.58 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently declared 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 dividend payout ratio is 1.76%.

Wall Street Analyst Weigh In

HBM has been the subject of several recent analyst reports. Barclays increased their price target on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Bank of America dropped their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Citigroup reaffirmed a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.