Addenda Capital Inc. Increases Stock Position in HudBay Minerals Inc $HBM

Key Points

• Addenda Capital increased its HudBay Minerals position by 203.4% in the second quarter, acquiring 1.26 million additional shares. The firm now owns 1.87 million shares, worth approximately $44.2 million, while institutional investors collectively hold 57.82% of the company.
• Analysts remain broadly positive on HBM, with 11 Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $31.33.
• HudBay reported quarterly EPS of $0.28, exceeding estimates by $0.02, while revenue rose 17.7% year over year to $631.3 million. The company also declared a quarterly dividend of $0.01 per share.

Addenda Capital Inc. increased its holdings in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 203.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,872,488 shares of the mining company's stock after acquiring an additional 1,255,330 shares during the quarter. HudBay Minerals makes up about 1.5% of Addenda Capital Inc.'s holdings, making the stock its 19th biggest position. Addenda Capital Inc. owned 0.42% of HudBay Minerals worth $44,209,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Rakuten Securities Inc. purchased a new position in shares of HudBay Minerals during the second quarter worth about $28,000. Allworth Financial LP lifted its holdings in shares of 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 purchasing an additional 1,033 shares during the period. Fiduciary Financial Advisors purchased a new position in HudBay Minerals in the 2nd quarter valued at $32,000. EFG International AG purchased a new position in HudBay Minerals in the 2nd quarter valued at $38,000. Finally, Quarry LP acquired a new position in HudBay Minerals in the 3rd quarter valued at $38,000. Hedge funds and other institutional investors own 57.82% of the company's stock.

Wall Street Analysts Forecast Growth

HBM has been the topic of a number of analyst reports. Barclays lifted their price objective on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Bank of America lowered their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Wall Street Zen downgraded shares of HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Scotiabank reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a research note on Monday, July 6th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.33.

HudBay Minerals Stock Up 0.3%

HBM stock opened at $29.38 on Monday. The company has a 50 day moving average price of $24.63 and a two-hundred day moving average price of $24.59. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.93 and a current ratio of 2.24. The stock has a market capitalization of $13.05 billion, a P/E ratio of 17.28, a PEG ratio of 0.45 and a beta of 1.48. HudBay Minerals Inc has a one year low of $11.62 and a one year high of $32.15.

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

HudBay Minerals Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.04 annualized dividend and a yield of 0.1%. HudBay Minerals's payout ratio is 1.76%.

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.

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