Bank of America Corp DE Has $39.37 Million Stake in HudBay Minerals Inc $HBM

Key Points

• Bank of America increased its HudBay Minerals stake by 53.3% in the first quarter, owning 1.88 million shares valued at approximately $39.37 million, or 0.47% of the company.
• HudBay reported quarterly EPS of $0.28, beating estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million. The company declared a quarterly dividend of $0.01 per share.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $31.33 versus the stock’s reported price of $26.46.

Bank of America Corp DE lifted its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 53.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,883,698 shares of the mining company's stock after purchasing an additional 655,308 shares during the quarter. Bank of America Corp DE owned 0.47% of HudBay Minerals worth $39,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in HBM. Allworth Financial LP lifted 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 buying an additional 1,033 shares in the last quarter. Quarry LP acquired a new stake in shares of HudBay Minerals during the 3rd quarter valued at $38,000. IFP Advisors Inc purchased a new position in shares of HudBay Minerals during the 3rd quarter valued at $45,000. Banque Cantonale Vaudoise grew 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 valued at $48,000 after acquiring an additional 2,655 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of HudBay Minerals during the 4th quarter valued at $71,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

HudBay Minerals Stock Down 5.0%

HudBay Minerals stock opened at $26.46 on Friday. The company has a current ratio of 2.24, a quick ratio of 1.93 and a debt-to-equity ratio of 0.17. HudBay Minerals Inc has a 1-year low of $10.72 and a 1-year high of $32.15. The firm's fifty day simple moving average is $24.25 and its 200-day simple moving average is $24.33. The company has a market capitalization of $11.75 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.42 and a beta of 1.48.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. The firm had revenue of $631.30 million during 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%. HudBay Minerals's revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 earnings per share. Sell-side analysts forecast that HudBay Minerals Inc will post 1.58 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be given a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. HudBay Minerals's payout ratio is currently 1.76%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HBM. Weiss Ratings upgraded HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 29th. Citigroup restated a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Wall Street Zen lowered HudBay Minerals from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays upped their target price on HudBay Minerals from $30.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, HudBay Minerals has a consensus rating of "Moderate Buy" and an average target price of $31.33.

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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