Bank of Nova Scotia Sells 2,173,726 Shares of Buenaventura Mining Company Inc. (NYSE:BVN)

Key Points

• The Bank of Nova Scotia has reduced its stake in Buenaventura Mining Company Inc. by 20.6%, owning approximately 3.29% of the company valued at $130.6 million.
• Several institutional investors made moves during the first quarter, including Mackenzie Financial Corp and Skandinaviska Enskilda Banken AB, which bought new stakes or increased holdings in Buenaventura Mining.
• Wall Street analysts have upgraded Buenaventura Mining's rating from "hold" to "buy" and raised its price target to $15.50, indicating a positive outlook for the company's growth.

Bank of Nova Scotia trimmed its position in shares of Buenaventura Mining Company Inc. (NYSE:BVN - Free Report) by 20.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,356,620 shares of the mining company's stock after selling 2,173,726 shares during the quarter. Bank of Nova Scotia owned approximately 3.29% of Buenaventura Mining worth $130,614,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BVN. GAMMA Investing LLC grew its stake in Buenaventura Mining by 17.1% during the first quarter. GAMMA Investing LLC now owns 11,382 shares of the mining company's stock worth $178,000 after purchasing an additional 1,665 shares during the period. Quadrant Capital Group LLC grew its stake in Buenaventura Mining by 13.0% during the fourth quarter. Quadrant Capital Group LLC now owns 15,217 shares of the mining company's stock worth $175,000 after purchasing an additional 1,749 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Buenaventura Mining during the first quarter worth approximately $36,000. Sei Investments Co. grew its stake in Buenaventura Mining by 9.5% in the fourth quarter. Sei Investments Co. now owns 28,841 shares of the mining company's stock valued at $332,000 after acquiring an additional 2,500 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in Buenaventura Mining by 3.3% in the fourth quarter. Point72 Asset Management L.P. now owns 78,100 shares of the mining company's stock valued at $900,000 after acquiring an additional 2,500 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen raised Buenaventura Mining from a "hold" rating to a "buy" rating in a research note on Saturday. Scotiabank raised their price objective on Buenaventura Mining from $15.00 to $15.50 and gave the company a "sector perform" rating in a research note on Monday, April 14th.

Buenaventura Mining Stock Up 2.0%

Buenaventura Mining stock traded up $0.34 during mid-day trading on Tuesday, reaching $17.84. The stock had a trading volume of 415,318 shares, compared to its average volume of 1,015,342. The firm has a market capitalization of $4.53 billion, a PE ratio of 9.05 and a beta of 0.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.58 and a current ratio of 1.75. Buenaventura Mining Company Inc. has a fifty-two week low of $11.50 and a fifty-two week high of $17.98. The stock's 50-day simple moving average is $16.57 and its 200-day simple moving average is $14.91.

Buenaventura Mining (NYSE:BVN - Get Free Report) last announced its earnings results on Thursday, July 24th. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.10. The company had revenue of $369.50 million for the quarter, compared to analysts' expectations of $338.29 million. Buenaventura Mining had a return on equity of 9.63% and a net margin of 38.38%. On average, sell-side analysts forecast that Buenaventura Mining Company Inc. will post 1.13 EPS for the current fiscal year.

Buenaventura Mining Profile

Compañía de Minas Buenaventura SAA. engages in the exploration, development, construction, and operation of mineral processing business. The company explores for gold, silver, lead, zinc, and copper metals. It operates operating mining units, including Tambomayo located in the Caylloma province, Orcopampa Unit located in the province of Castilla, Uchucchacua located in province of Oyón, Julcani located in province of Angaraes, Peru, as well as San Gabrie located in the province of General Sánchez Cerro, in the Moquegua region.