Norges Bank Buys New Position in HudBay Minerals Inc $HBM

Norges Bank bought a new stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,304,538 shares of the mining company’s stock, valued at approximately $105,315,000. Norges Bank owned about 1.34% of HudBay Minerals at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in HudBay Minerals by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 16,198,255 shares of the mining company’s stock valued at $245,355,000 after purchasing an additional 373,399 shares during the last quarter. Invesco Ltd. raised its stake in HudBay Minerals by 0.4% in the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after purchasing an additional 46,948 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in HudBay Minerals by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 11,334,474 shares of the mining company’s stock valued at $171,832,000 after purchasing an additional 348,278 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in HudBay Minerals by 10.4% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock valued at $159,111,000 after purchasing an additional 986,278 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in HudBay Minerals in the 3rd quarter valued at about $123,736,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on HBM shares. Barclays started coverage on shares of HudBay Minerals in a research note on Thursday, May 21st. They issued an “overweight” rating and a $30.00 target price for the company. Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Zacks Research downgraded shares of HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Citigroup upped their price objective on shares of HudBay Minerals from $23.00 to $32.50 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. 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 Trading Down 14.9%

NYSE:HBM opened at $25.63 on Friday. The business’s 50-day moving average is $24.66 and its two-hundred day moving average is $22.62. 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 12 month low of $8.93 and a 12 month high of $32.15. The firm has a market capitalization of $10.18 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 0.35 and a beta of 1.43.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. During the same quarter last year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. Research analysts predict that HudBay Minerals Inc will post 1.66 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th will be 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 is Tuesday, June 9th. HudBay Minerals’s dividend payout ratio is currently 0.60%.

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.