4,215,842 Shares in HudBay Minerals Inc $HBM Acquired by William Blair Investment Management LLC

Key Points

• William Blair Investment Management acquired 4.2 million HudBay Minerals shares worth approximately $99.5 million, giving it a 0.95% stake. Institutional investors and hedge funds collectively own 57.82% of the company.
• HudBay reported quarterly earnings of $0.28 per share, exceeding estimates by $0.02, while revenue rose 17.7% year over year to $631.3 million. The stock was trading at $30.08, up 6.9%.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and an average price target of $31.33. HudBay also declared a quarterly dividend of $0.01 per share.

William Blair Investment Management LLC acquired a new position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,215,842 shares of the mining company's stock, valued at approximately $99,536,000. William Blair Investment Management LLC owned 0.95% of HudBay Minerals at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Trust Advisors LP increased its position in shares of HudBay Minerals by 35.3% in the first quarter. First Trust Advisors LP now owns 229,948 shares of the mining company's stock worth $4,814,000 after purchasing an additional 60,025 shares during the period. Bank of America Corp DE lifted its position in HudBay Minerals by 53.3% during the first quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company's stock worth $39,369,000 after purchasing an additional 655,308 shares during the period. Artemis Investment Management LLP lifted its position in HudBay Minerals by 15.6% during the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company's stock worth $113,355,000 after purchasing an additional 770,172 shares during the period. Goehring & Rozencwajg Associates LLC lifted its position in HudBay Minerals by 6.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company's stock worth $16,380,000 after purchasing an additional 51,387 shares during the period. Finally, Maxi Investments CY Ltd acquired a new stake in HudBay Minerals during the fourth quarter worth about $993,000. 57.82% of the stock is owned by institutional investors and hedge funds.

HudBay Minerals Stock Up 6.9%

Shares of NYSE HBM opened at $30.08 on Friday. The company has a current ratio of 2.24, a quick ratio of 1.93 and a debt-to-equity ratio of 0.17. The company has a market cap of $13.36 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 0.43 and a beta of 1.48. HudBay Minerals Inc has a 12 month low of $11.21 and a 12 month high of $32.15. The stock has a 50-day moving average price of $24.45 and a two-hundred day moving average price of $24.42.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. During the same period last year, the company posted $0.19 EPS. The firm's quarterly revenue was up 17.7% compared to the same quarter last year. As a group, analysts forecast that HudBay Minerals Inc will post 1.58 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Tuesday, September 8th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 annualized dividend and a yield of 0.1%. HudBay Minerals's dividend payout ratio is presently 1.18%.

Analyst Ratings Changes

Several research firms have commented on HBM. Weiss Ratings lowered shares of HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 13th. Bank of America cut their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a report on Thursday, July 9th. Jefferies Financial Group reiterated a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Wall Street Zen cut shares of HudBay Minerals from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Barclays boosted their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.

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