Alberta Investment Management Corp Acquires Shares of 106,428 HudBay Minerals Inc $HBM

Key Points

• Alberta Investment Management Corp. acquired 106,428 HudBay Minerals shares worth approximately $2.51 million, while institutional investors collectively own 57.82% of the company.
• 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 reported quarterly EPS of $0.28, exceeding estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million; the company also declared a $0.01 quarterly dividend.

Alberta Investment Management Corp acquired a new stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 106,428 shares of the mining company's stock, valued at approximately $2,511,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Allworth Financial LP increased its holdings in shares of HudBay Minerals by 107.9% in the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock valued at $30,000 after purchasing an additional 1,033 shares during the last quarter. Quarry LP acquired a new stake in shares of HudBay Minerals during the 3rd quarter worth about $38,000. IFP Advisors Inc acquired a new stake in shares of HudBay Minerals during the 3rd quarter worth about $45,000. Banque Cantonale Vaudoise boosted its holdings in shares of HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company's stock worth $48,000 after buying an additional 2,655 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock worth $50,000 after buying an additional 3,733 shares during the period. 57.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

HBM has been the topic of several research analyst reports. Citigroup reissued a "positive" rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Bank of America reduced their price objective on 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 reaffirmed a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Wall Street Zen lowered HudBay Minerals from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Barclays lifted their price target on HudBay Minerals from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.33.

HudBay Minerals Stock Performance

NYSE HBM opened at $27.42 on Tuesday. 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 has a market capitalization of $12.18 billion, a P/E ratio of 16.13, a P/E/G ratio of 0.41 and a beta of 1.48. HudBay Minerals Inc has a 12-month low of $10.72 and a 12-month high of $32.15. The firm has a 50-day moving average price of $24.30 and a two-hundred day moving average price of $24.35.

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

HudBay Minerals Dividend Announcement

The business also recently disclosed 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 of this dividend is Tuesday, September 8th. This represents a $0.04 annualized dividend and a yield of 0.1%. HudBay Minerals's payout ratio is currently 1.76%.

About HudBay Minerals

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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