50,518 Shares in HudBay Minerals Inc $HBM Purchased by Ashton Thomas Private Wealth LLC

Key Points

• Ashton Thomas Private Wealth opened a Hudbay Minerals position, purchasing 50,518 shares worth about $1.35 million in the third quarter. Institutional investors collectively own 57.82% of the stock.
• Analyst views are mostly positive: 10 analysts rate the stock a Buy and two a Hold, giving it a consensus “Moderate Buy” rating and a $31.33 target price.
• Hudbay shares opened at $22.77; the stock has traded between $14.34 and $32.15 over the past 12 months. Hudbay mines copper and other metals in Canada, Peru, and the United States.

Ashton Thomas Private Wealth LLC purchased a new position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 50,518 shares of the mining company's stock, valued at approximately $1,348,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada raised its holdings in shares of HudBay Minerals by 7.8% during the 1st quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company's stock valued at $172,526,000 after purchasing an additional 597,422 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of HudBay Minerals in the 2nd quarter valued at $130,557,000. William Blair Investment Management LLC bought a new stake in HudBay Minerals in the second quarter worth $99,536,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in HudBay Minerals in the second quarter worth $99,022,000. Finally, Bank of America Corp DE acquired a new position in HudBay Minerals during the second quarter worth $96,341,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on HBM. Wall Street Zen downgraded HudBay Minerals from a "buy" rating to a "hold" rating in a research report on Sunday, October 25th. Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Weiss Ratings raised shares of HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Citigroup reiterated a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Finally, Barclays reiterated an "overweight" rating on shares of HudBay Minerals in a research note on Tuesday, October 6th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $31.33.

HudBay Minerals Stock Performance

Shares of HBM stock opened at $22.77 on Tuesday. HudBay Minerals Inc has a 12 month low of $14.34 and a 12 month high of $32.15. The firm has a market cap of $10.12 billion, a PE ratio of 13.40, a P/E/G ratio of 0.40 and a beta of 1.62. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. The company's fifty day simple moving average is $25.22 and its 200-day simple moving average is $24.80.

About HudBay Minerals

Hudbay Minerals, now known as Hudbay Inc, is a mining company focused on the discovery, development and operation of copper and other metal deposits. Its products include copper, zinc, gold, silver and molybdenum.

The company operates the Constancia mine in Peru and mining and processing assets in Manitoba, Canada, including the Lalor mine. In British Columbia, Hudbay operates the Copper Mountain mine. It also advances copper exploration and development projects in the United States, including projects in Arizona.

Hudbay's roots in Canadian mining date to the Hudson Bay Mining and Smelting Company, established in 1927.

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