Bank of New York Mellon Corp Makes New $19.38 Million Investment in HudBay Minerals Inc $HBM

Key Points

• Bank of New York Mellon acquired 820,712 HudBay Minerals shares worth approximately $19.38 million, giving it a 0.18% stake. Institutional investors collectively own 57.82% 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, representing a 0.1% yield.
• Analyst sentiment remains favorable, with an average rating of “Moderate Buy” and a consensus price target of $31.33, compared with the stock’s reported price of $28.56.

Bank of New York Mellon Corp acquired a new position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 820,712 shares of the mining company's stock, valued at approximately $19,377,000. Bank of New York Mellon Corp owned about 0.18% of HudBay Minerals as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Quantinno Capital Management LP lifted its stake in HudBay Minerals by 6.0% in the first quarter. Quantinno Capital Management LP now owns 11,597 shares of the mining company's stock worth $242,000 after purchasing an additional 657 shares during the last quarter. Vontobel Holding Ltd. boosted its position in HudBay Minerals by 0.6% during the fourth quarter. Vontobel Holding Ltd. now owns 126,090 shares of the mining company's stock valued at $2,503,000 after buying an additional 738 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of HudBay Minerals by 25.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,933 shares of the mining company's stock valued at $98,000 after buying an additional 986 shares during the last quarter. Wealthcare Advisory Partners LLC grew its stake in shares of HudBay Minerals by 2.7% during the second quarter. Wealthcare Advisory Partners LLC now owns 37,766 shares of the mining company's stock valued at $892,000 after buying an additional 992 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in shares of HudBay Minerals by 107.9% in the third 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 during the period. Hedge funds and other institutional investors own 57.82% of the company's stock.

HudBay Minerals Stock Down 2.5%

Shares of HBM stock opened at $28.56 on Tuesday. HudBay Minerals Inc has a 12 month low of $11.62 and a 12 month high of $32.15. The company has a 50 day simple moving average of $24.64 and a two-hundred day simple moving average of $24.61. The stock has a market cap of $12.68 billion, a P/E ratio of 16.80, a P/E/G ratio of 0.45 and a beta of 1.48. 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 (NYSE:HBM - Get Free Report) TSE: HBM last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The firm had revenue of $631.30 million for the quarter, compared to analysts' expectations of $632.43 million. During the same period in the previous year, the firm earned $0.19 EPS. The business's quarterly revenue was up 17.7% on a year-over-year basis. On average, research analysts expect that HudBay Minerals Inc will post 1.58 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals's dividend payout ratio (DPR) is 1.76%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Barclays increased their price objective on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Weiss Ratings cut HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of HudBay Minerals from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Citigroup restated a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Finally, Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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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