AGF Management Ltd. Buys 751,638 Shares of HudBay Minerals Inc (NYSE:HBM)

Key Points

• AGF Management Ltd. increased its stake in HudBay Minerals by 53.8%, acquiring an additional 751,638 shares, bringing their total holdings to 2,148,219 shares valued at $16.3 million.
• HudBay Minerals received multiple upgrades from analysts, including a shift to a "strong-buy" rating by Wall Street Zen and Veritas, and holds an average rating of "Buy" among research analysts.
• The company reported a 13.3% increase in revenue year-over-year, with quarterly earnings of $0.24 per share, significantly exceeding the consensus estimate of $0.10.

AGF Management Ltd. boosted its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 53.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,148,219 shares of the mining company's stock after acquiring an additional 751,638 shares during the quarter. AGF Management Ltd. owned 0.54% of HudBay Minerals worth $16,286,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HBM. Tower Research Capital LLC TRC increased its stake in shares of HudBay Minerals by 9,877.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company's stock worth $25,000 after purchasing an additional 3,062 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in HudBay Minerals by 64.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock valued at $29,000 after buying an additional 1,481 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in HudBay Minerals in the 1st quarter valued at about $33,000. Algert Global LLC acquired a new position in HudBay Minerals in the 4th quarter valued at about $86,000. Finally, Headlands Technologies LLC acquired a new position in HudBay Minerals in the 1st quarter valued at about $92,000. 57.82% of the stock is owned by institutional investors.

HudBay Minerals Stock Performance

NYSE HBM traded up $0.03 during trading on Friday, reaching $11.02. The company's stock had a trading volume of 6,145,353 shares, compared to its average volume of 8,203,035. The company has a current ratio of 2.32, a quick ratio of 1.92 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 0.28 and a beta of 1.63. HudBay Minerals Inc has a 12 month low of $5.95 and a 12 month high of $12.10. The firm has a 50 day moving average price of $10.04 and a 200 day moving average price of $8.63.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.08. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.91%. The company had revenue of $536.40 million during the quarter, compared to the consensus estimate of $558.21 million. The business's revenue for the quarter was up 26.1% on a year-over-year basis. As a group, equities analysts anticipate that HudBay Minerals Inc will post 0.79 EPS for the current fiscal year.

HudBay Minerals Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.0073 per share. This is a boost from HudBay Minerals's previous semi-annual dividend of $0.01. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a dividend yield of 10.0%. HudBay Minerals's payout ratio is currently 1.37%.

Analysts Set New Price Targets

A number of research analysts recently commented on HBM shares. Scotiabank reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, May 13th. Veritas upgraded shares of HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Raymond James Financial upgraded shares of HudBay Minerals to a "moderate buy" rating in a research note on Monday, June 30th. Wall Street Zen upgraded shares of HudBay Minerals from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Finally, National Bankshares reissued an "outperform" rating on shares of HudBay Minerals in a report on Thursday. Six equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy".

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.