Canada Pension Plan Investment Board Buys Shares of 576,700 HudBay Minerals Inc $HBM

Key Points

• Canada Pension Plan Investment Board acquired 576,700 HudBay Minerals shares worth approximately $13.6 million, giving it a 0.13% stake. Institutional investors collectively own 57.82% of the company.
• HudBay reported quarterly EPS of $0.28, exceeding analyst estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million. Analysts expect full-year EPS of $1.58.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $31.33 price target, compared with the stock’s reported opening price of $29.38.

Canada Pension Plan Investment Board bought a new stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 576,700 shares of the mining company's stock, valued at approximately $13,604,000. Canada Pension Plan Investment Board owned 0.13% of HudBay Minerals at the end of the most recent quarter.

Several other large investors have also modified their holdings of HBM. Rakuten Securities Inc. acquired a new stake in shares of HudBay Minerals during the second quarter worth $28,000. Allworth Financial LP increased its stake in HudBay Minerals by 107.9% in the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock valued at $30,000 after buying an additional 1,033 shares during the period. Fiduciary Financial Advisors acquired a new position in HudBay Minerals in the 2nd quarter valued at $32,000. Quarry LP purchased a new position in HudBay Minerals during the 3rd quarter worth $38,000. Finally, IFP Advisors Inc purchased a new position in HudBay Minerals during the 3rd quarter worth $45,000. Hedge funds and other institutional investors own 57.82% of the company's stock.

HudBay Minerals Price Performance

Shares of NYSE HBM opened at $29.38 on Friday. The firm has a market capitalization of $13.05 billion, a P/E ratio of 17.28, a PEG ratio of 0.45 and a beta of 1.48. HudBay Minerals Inc has a one year low of $11.62 and a one year high of $32.15. The company's fifty day moving average is $24.63 and its two-hundred day moving average is $24.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.93 and a current ratio of 2.24.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. The business had revenue of $631.30 million during the quarter, compared to the consensus estimate of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The business's revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 EPS. Analysts forecast that HudBay Minerals Inc will post 1.58 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently weighed in on HBM. Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a report on Monday, July 6th. Weiss Ratings cut shares of HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 13th. Barclays raised their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Wall Street Zen lowered HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Citigroup reiterated a "positive" rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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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