Bank of America Corp DE Invests $96.34 Million in HudBay Minerals Inc $HBM

Key Points

• Bank of America acquired a new $96.34 million stake in HudBay Minerals during the second quarter, purchasing 4.08 million shares and holding approximately 0.92% of the company.
• Institutional ownership remains substantial at 57.82%, with several major investors—including Arrowstreet Capital and Royal Bank of Canada—increasing their positions or initiating new stakes.
• Analysts maintain a generally favorable outlook, with 10 Buy ratings and two Holds; HudBay reported quarterly EPS of $0.28, ahead of estimates, while revenue rose 17.7% year over year.

Bank of America Corp DE purchased a new stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,080,532 shares of the mining company's stock, valued at approximately $96,341,000. Bank of America Corp DE owned approximately 0.92% of HudBay Minerals at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HBM. Arrowstreet Capital Limited Partnership increased its position in HudBay Minerals by 15.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company's stock worth $187,743,000 after purchasing an additional 1,293,023 shares during the last quarter. Royal Bank of Canada boosted its holdings in HudBay Minerals by 7.8% in the 1st quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company's stock valued at $172,526,000 after purchasing an additional 597,422 shares during the last quarter. Norges Bank purchased a new stake in shares of HudBay Minerals in the 4th quarter valued at approximately $105,315,000. William Blair Investment Management LLC acquired a new stake in shares of HudBay Minerals during the 2nd quarter worth approximately $99,536,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of HudBay Minerals during the 2nd quarter valued at approximately $99,022,000. Institutional investors and hedge funds own 57.82% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on HBM. Weiss Ratings cut HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 13th. Jefferies Financial Group restated a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Citigroup reaffirmed a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Bank of America lowered their price target on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a report on Thursday, July 9th. Finally, Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, HudBay Minerals presently has an average rating of "Moderate Buy" and a consensus target price of $31.33.

HudBay Minerals Stock Up 1.7%

Shares of NYSE:HBM opened at $26.90 on Friday. HudBay Minerals Inc has a fifty-two week low of $13.00 and a fifty-two week high of $32.15. The firm's 50 day moving average price is $25.81 and its 200 day moving average price is $24.69. 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 stock has a market cap of $11.95 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 0.43 and a beta of 1.54.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. During the same period in the prior year, the firm posted $0.19 EPS. The company's quarterly revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts predict that HudBay Minerals Inc will post 1.48 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Tuesday, September 8th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals's dividend payout ratio is 1.76%.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development and operation of copper assets. The company also produces gold, zinc, silver and molybdenum as byproducts or additional products from its mining operations.

Hudbay operates the Constancia open-pit copper-molybdenum mine in southern Peru, along with the nearby Pampacancha satellite deposit. In Manitoba, Canada, the company operates the Lalor polymetallic mine and the Snow Lake processing facilities, which produce copper, zinc, gold and silver.

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