Bank of Nova Scotia Reduces Holdings in HudBay Minerals Inc $HBM

Key Points

• Bank of Nova Scotia cut its HudBay Minerals stake by 29.1% in the first quarter, selling 2.23 million shares and leaving it with 5.43 million shares valued at about $113.6 million.
• HudBay Minerals delivered stronger-than-expected quarterly results, reporting EPS of $0.40 versus $0.34 expected and revenue of $757.3 million, up 27.3% year over year.
• Analysts remain mostly positive on the stock, with 11 Buy ratings and 2 Hold ratings, and a consensus price target of $31.33, despite some price-target adjustments from major firms.

Bank of Nova Scotia decreased its stake in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 29.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,433,750 shares of the mining company's stock after selling 2,226,033 shares during the quarter. Bank of Nova Scotia owned about 1.37% of HudBay Minerals worth $113,566,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Affinity Wealth Management LLC bought a new stake in shares of HudBay Minerals in the fourth quarter worth $3,857,000. Artemis Investment Management LLP grew its position in HudBay Minerals by 15.6% in the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company's stock valued at $113,355,000 after purchasing an additional 770,172 shares in the last quarter. Goehring & Rozencwajg Associates LLC grew its position in HudBay Minerals by 6.6% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company's stock valued at $16,380,000 after purchasing an additional 51,387 shares in the last quarter. Maxi Investments CY Ltd bought a new position in HudBay Minerals in the fourth quarter valued at $993,000. Finally, Louisbourg Investments Inc. acquired a new stake in HudBay Minerals in the 4th quarter valued at $5,247,000. 57.82% of the stock is owned by hedge funds and other institutional investors.

HudBay Minerals Stock Performance

Shares of HBM opened at $22.63 on Friday. The firm has a 50-day moving average of $24.91 and a 200-day moving average of $24.11. HudBay Minerals Inc has a one year low of $8.93 and a one year high of $32.15. The company has a market cap of $10.05 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The company had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. During the same period in the previous year, the business earned $0.24 EPS. HudBay Minerals's revenue for the quarter was up 27.3% compared to the same quarter last year. As a group, equities analysts forecast that HudBay Minerals Inc will post 1.6 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th were paid a $0.01 dividend. The ex-dividend date was Tuesday, June 9th. This represents a $0.04 annualized dividend and a yield of 0.2%. HudBay Minerals's dividend payout ratio is currently 1.81%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays increased their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Citigroup reiterated a "positive" rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Finally, Bank of America decreased their price target on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a research note on Thursday, July 9th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, HudBay Minerals currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.33.

HudBay Minerals Company 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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