Bank of New York Mellon Corp Cuts Holdings in HudBay Minerals Inc $HBM

Key Points

• Bank of New York Mellon reduced its HudBay Minerals stake by 18.2% in the first quarter, selling 176,596 shares and retaining 795,165 shares valued at approximately $16.6 million. Institutional investors collectively own 57.82% of the company.
• HudBay Minerals reported quarterly earnings of $0.28 per share, beating estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million, slightly below expectations.
• Analysts remain broadly optimistic, with 11 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $31.33, compared with a recent share price of $22.70.

Bank of New York Mellon Corp decreased its position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 18.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 795,165 shares of the mining company's stock after selling 176,596 shares during the period. Bank of New York Mellon Corp owned 0.20% of HudBay Minerals worth $16,619,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Allworth Financial LP grew its stake in HudBay Minerals by 107.9% in the 3rd 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 period. Quarry LP bought a new stake in shares of HudBay Minerals during the 3rd quarter worth $38,000. IFP Advisors Inc purchased a new position in shares of HudBay Minerals in the 3rd quarter worth about $45,000. Banque Cantonale Vaudoise boosted its holdings in shares of 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 buying an additional 2,655 shares during the last quarter. Finally, Jones Financial Companies Lllp grew 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 buying an additional 3,733 shares during the period. Institutional investors own 57.82% of the company's stock.

HudBay Minerals Price Performance

Shares of NYSE:HBM opened at $22.70 on Friday. The company's fifty day moving average price is $24.68 and its 200-day moving average price is $24.14. HudBay Minerals Inc has a one year low of $9.01 and a one 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 firm has a market capitalization of $10.08 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.34 and a beta of 1.48.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings results 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 10.73%. The business had revenue of $631.30 million for the quarter, compared to analysts' expectations of $632.43 million. During the same period last year, the business earned $0.19 earnings per share. The business's quarterly revenue was up 17.7% on a year-over-year basis. On average, equities research analysts anticipate that HudBay Minerals Inc will post 1.55 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The firm 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 dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. HudBay Minerals's dividend payout ratio is presently 1.81%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on HBM shares. Citigroup restated a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a report on Thursday. Wall Street Zen raised HudBay Minerals from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Finally, Weiss Ratings raised HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $31.33.

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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