Barometer Capital Management Inc. Increases Holdings in HudBay Minerals Inc $HBM

Key Points

• Barometer Capital boosted its stake in HudBay Minerals by 420.5% in Q3 to 642,850 shares (about $9.75M), making HBM its 14th largest holding and representing roughly 0.16% of the company’s shares.
• Analyst sentiment is generally positive with an average rating of "Buy" and an average price target of $26.00; Citigroup raised its target to $32.50 while the analyst mix includes 2 Strong Buy, 12 Buy and 2 Hold ratings.
• HudBay missed quarterly EPS expectations ($0.22 vs. $0.40) despite revenue rising 25.3% year-over-year, and the company announced a $0.01 dividend (9.0% yield) payable March 27 with a record/ex-dividend date of March 10.

Barometer Capital Management Inc. boosted its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 420.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 642,850 shares of the mining company's stock after purchasing an additional 519,350 shares during the period. HudBay Minerals makes up about 2.5% of Barometer Capital Management Inc.'s investment portfolio, making the stock its 14th biggest holding. Barometer Capital Management Inc. owned approximately 0.16% of HudBay Minerals worth $9,746,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Waterfront Wealth Inc. increased its position in shares of HudBay Minerals by 2.0% during the third quarter. Waterfront Wealth Inc. now owns 39,052 shares of the mining company's stock worth $588,000 after acquiring an additional 756 shares during the last quarter. Savant Capital LLC boosted its holdings in HudBay Minerals by 2.4% in the third quarter. Savant Capital LLC now owns 32,010 shares of the mining company's stock valued at $485,000 after purchasing an additional 760 shares during the last quarter. Creative Planning grew its stake in HudBay Minerals by 5.4% during the 2nd quarter. Creative Planning now owns 25,067 shares of the mining company's stock valued at $266,000 after purchasing an additional 1,289 shares in the last quarter. Strong Tower Advisory Services grew its stake in HudBay Minerals by 2.4% during the 3rd quarter. Strong Tower Advisory Services now owns 94,175 shares of the mining company's stock valued at $1,428,000 after purchasing an additional 2,182 shares in the last quarter. Finally, Banque Cantonale Vaudoise increased its holdings in HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company's stock worth $48,000 after purchasing an additional 2,655 shares during the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HBM has been the subject of a number of research analyst reports. Citigroup lifted their price target on shares of HudBay Minerals from $23.00 to $32.50 and gave the stock a "buy" rating in a research note on Wednesday, February 11th. Zacks Research lowered shares of HudBay Minerals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 17th. Jefferies Financial Group reissued a "buy" rating on shares of HudBay Minerals in a research report on Sunday, December 7th. Wall Street Zen lowered shares of HudBay Minerals from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $26.00.

HudBay Minerals Stock Down 2.3%

HudBay Minerals stock opened at $22.49 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.78 and a current ratio of 0.95. HudBay Minerals Inc has a one year low of $5.95 and a one year high of $28.74. The company has a 50-day simple moving average of $24.33 and a 200-day simple moving average of $18.82. The firm has a market capitalization of $8.93 billion, a P/E ratio of 15.73, a P/E/G ratio of 0.31 and a beta of 1.27.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings data on Friday, February 20th. The mining company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.18). The business had revenue of $732.90 million for the quarter, compared to analyst estimates of $730.13 million. HudBay Minerals had a return on equity of 8.91% and a net margin of 25.71%.The business's quarterly revenue was up 25.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. As a group, equities analysts expect that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

HudBay Minerals Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, March 27th. Stockholders of record on Tuesday, March 10th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a dividend yield of 9.0%. HudBay Minerals's payout ratio is currently 0.70%.

HudBay Minerals 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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