Bank of America Corp DE Acquires 1,756,930 Shares of Hudbay Minerals Inc. (NYSE:HBM)

Bank of America Corp DE raised its stake in shares of Hudbay Minerals Inc. (NYSE:HBM - Free Report) TSE: HBM by 269.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,409,267 shares of the mining company's stock after buying an additional 1,756,930 shares during the period. Bank of America Corp DE owned about 0.61% of Hudbay Minerals worth $19,515,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in HBM. Tower Research Capital LLC TRC raised its stake in 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 valued at $25,000 after buying an additional 3,062 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Hudbay Minerals in the 4th quarter worth $86,000. Plato Investment Management Ltd purchased a new stake in shares of Hudbay Minerals in the 4th quarter worth $95,000. Hsbc Holdings PLC purchased a new stake in shares of Hudbay Minerals in the 4th quarter worth $97,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Hudbay Minerals in the 4th quarter worth $101,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Hudbay Minerals Price Performance

Shares of HBM stock traded down $0.01 during trading hours on Thursday, hitting $8.47. The stock had a trading volume of 5,191,550 shares, compared to its average volume of 4,883,617. Hudbay Minerals Inc. has a one year low of $5.95 and a one year high of $10.15. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The stock's 50-day moving average price is $7.54 and its two-hundred day moving average price is $8.13. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 47.03 and a beta of 1.56.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its earnings results on Monday, May 12th. The mining company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.14. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The firm had revenue of $594.90 million for the quarter, compared to analysts' expectations of $537.36 million. During the same period in the previous year, the firm posted $0.22 earnings per share. The business's revenue was up 13.3% compared to the same quarter last year. Equities analysts forecast that Hudbay Minerals Inc. will post 0.79 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on HBM shares. Scotiabank restated an "outperform" rating on shares of Hudbay Minerals in a research note on Tuesday, May 13th. Desjardins initiated coverage on shares of Hudbay Minerals in a report on Friday, April 4th. They issued a "buy" rating for the company. Stifel Canada raised shares of Hudbay Minerals to a "strong-buy" rating in a report on Wednesday, March 19th. BMO Capital Markets initiated coverage on shares of Hudbay Minerals in a report on Wednesday, April 16th. They issued an "outperform" rating for the company. Finally, Wall Street Zen raised shares of Hudbay Minerals from a "hold" rating to a "buy" rating in a report on Thursday. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $14.00.

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.