Arrowstreet Capital Limited Partnership Decreases Position in HudBay Minerals Inc $HBM

Key Points

• Arrowstreet Capital reduced its HudBay Minerals stake by 28.7% in the first quarter, selling 2.71 million shares and leaving it with 6.75 million shares valued at about $141.1 million.
• HudBay Minerals beat Q1 earnings and revenue estimates, reporting $0.40 EPS versus $0.34 expected and revenue of $757.3 million, up 27.3% from a year earlier.
• Despite the recent share-price dip, analysts remain constructive: the stock has a Moderate Buy consensus rating with a price target of $31.33, and 11 analysts rate it a Buy.

Arrowstreet Capital Limited Partnership cut its holdings in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 28.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,747,236 shares of the mining company's stock after selling 2,710,062 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.70% of HudBay Minerals worth $141,134,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of HBM. Allworth Financial LP grew its position in HudBay Minerals by 107.9% in the 3rd 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. Quarry LP purchased a new stake in shares of HudBay Minerals in the 3rd quarter worth $38,000. IFP Advisors Inc bought a new position in HudBay Minerals in the 3rd quarter worth $45,000. Banque Cantonale Vaudoise raised its holdings in HudBay Minerals by 513.5% in the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company's stock worth $48,000 after purchasing an additional 2,655 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in HudBay Minerals by 131.6% during the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock valued at $50,000 after purchasing an additional 3,733 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

HudBay Minerals Trading Down 1.2%

Shares of HBM stock opened at $22.36 on Friday. HudBay Minerals Inc has a 1 year low of $8.93 and a 1 year high of $32.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. The stock's 50 day simple moving average is $24.86 and its two-hundred day simple moving average is $24.10. The company has a market cap of $9.93 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. During the same quarter in the prior year, the firm posted $0.24 EPS. HudBay Minerals's quarterly revenue was up 27.3% compared to the same quarter last year. Research analysts predict that HudBay Minerals Inc will post 1.6 earnings per share for the current year.

HudBay Minerals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, June 9th. HudBay Minerals's dividend payout ratio (DPR) is presently 1.81%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Weiss Ratings raised HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Wall Street Zen upgraded shares of HudBay Minerals from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a report on Thursday, June 25th. Jefferies Financial Group restated a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Finally, Citigroup reissued a "positive" rating on shares of HudBay Minerals 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 data from MarketBeat.com, HudBay Minerals currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding HBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.