Balyasny Asset Management L.P. Acquires New Shares in Hudbay Minerals Inc. (NYSE:HBM)

Balyasny Asset Management L.P. purchased a new position in shares of Hudbay Minerals Inc. (NYSE:HBM - Free Report) TSE: HBM in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 448,152 shares of the mining company's stock, valued at approximately $3,630,000. Balyasny Asset Management L.P. owned approximately 0.11% of Hudbay Minerals at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Bayesian Capital Management LP purchased a new stake in shares of Hudbay Minerals during the 4th quarter worth about $200,000. Bank of America Corp DE grew its holdings in Hudbay Minerals by 269.3% in the 4th quarter. Bank of America Corp DE now owns 2,409,267 shares of the mining company's stock valued at $19,515,000 after buying an additional 1,756,930 shares during the last quarter. Algert Global LLC acquired a new stake in Hudbay Minerals in the 4th quarter valued at approximately $86,000. Orion Resource Partners LP acquired a new stake in Hudbay Minerals in the 4th quarter valued at approximately $508,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Hudbay Minerals by 11.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,497,369 shares of the mining company's stock worth $12,162,000 after purchasing an additional 150,710 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on HBM shares. Desjardins started coverage on Hudbay Minerals in a report on Friday, April 4th. They set a "buy" rating on the stock. Scotiabank reissued an "outperform" rating on shares of Hudbay Minerals in a report on Tuesday. BMO Capital Markets started coverage on Hudbay Minerals in a report on Wednesday, April 16th. They set an "outperform" rating on the stock. Stifel Canada raised Hudbay Minerals to a "strong-buy" rating in a report on Wednesday, March 19th. Finally, StockNews.com upgraded Hudbay Minerals from a "buy" rating to a "strong-buy" rating in a research report on Tuesday. Four equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $14.00.

Hudbay Minerals Price Performance

Shares of Hudbay Minerals stock traded down $0.24 during midday trading on Friday, hitting $8.13. 6,445,420 shares of the company were exchanged, compared to its average volume of 4,892,766. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The firm has a market cap of $3.21 billion, a P/E ratio of 45.14 and a beta of 1.56. Hudbay Minerals Inc. has a 52 week low of $5.95 and a 52 week high of $10.49. The firm has a 50 day simple moving average of $7.49 and a 200-day simple moving average of $8.14.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings data on Monday, May 12th. The mining company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.14. The firm had revenue of $594.90 million during the quarter, compared to the consensus estimate of $537.36 million. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS. Research analysts forecast that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 4th were given a dividend of $0.007 per share. The ex-dividend date was Tuesday, March 4th. This represents a dividend yield of 0.2%. This is an increase from Hudbay Minerals's previous semi-annual dividend of $0.01. Hudbay Minerals's payout ratio is presently 2.63%.

About Hudbay Minerals

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.