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 lessened its stake in shares of Buenaventura Mining Company Inc. (NYSE:BVN - Free Report) by 20.6% in the first quarter, according to its most recent filing with the Securities & 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 about 3.29% of Buenaventura Mining worth $130,614,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Buenaventura Mining during the 1st quarter valued at about $36,000. Voya Investment Management LLC purchased a new position in shares of Buenaventura Mining during the fourth quarter worth about $144,000. Cetera Investment Advisers purchased a new position in shares of Buenaventura Mining during the first quarter worth about $157,000. Bridgefront Capital LLC purchased a new position in shares of Buenaventura Mining during the fourth quarter worth about $158,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of 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 in the last quarter.

Buenaventura Mining Price Performance

NYSE:BVN traded up $0.44 during mid-day trading on Monday, reaching $17.48. The stock had a trading volume of 196,530 shares, compared to its average volume of 1,018,447. The firm has a 50 day moving average price of $16.52 and a two-hundred day moving average price of $14.87. The stock has a market capitalization of $4.43 billion, a P/E ratio of 8.87 and a beta of 0.34. Buenaventura Mining Company Inc. has a one year low of $11.50 and a one year high of $17.98. 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 (NYSE:BVN - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.10. Buenaventura Mining had a return on equity of 9.63% and a net margin of 38.38%. The firm had revenue of $369.50 million during the quarter, compared to the consensus estimate of $338.29 million. As a group, analysts expect that Buenaventura Mining Company Inc. will post 1.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wall Street Zen raised Buenaventura Mining from a "hold" rating to a "buy" rating in a report on Saturday. Scotiabank boosted their price objective on Buenaventura Mining from $15.00 to $15.50 and gave the stock a "sector perform" rating in a report on Monday, April 14th.

Buenaventura Mining Company 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.