Connor Clark & Lunn Investment Management Ltd. Boosts Holdings in HudBay Minerals Inc $HBM

Key Points

• Connor Clark & Lunn boosted its stake in HudBay by 145.3% in Q3 to 6,502,180 shares (about 1.64% of the company), valued at roughly $98.5 million per its SEC filing.
• Other institutions also piled in—GMT Capital opened a new position worth about $337.8 million, Vanguard owns ~16.2M shares (~$245.4M), and L1, Hancock Prospecting and Invesco likewise increased or initiated sizable stakes; institutional investors now hold about 57.82% of the stock.
• HudBay reported Q earnings of $0.22 EPS (missing a $0.40 estimate) with revenue up 25.3% YoY, has a market cap of ~$8.93 billion and a P/E of 15.73, and declared a $0.01 dividend (implying a 9.0% yield) with an ex-dividend date of March 10.

Connor Clark & Lunn Investment Management Ltd. grew its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 145.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,502,180 shares of the mining company's stock after purchasing an additional 3,851,771 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.64% of HudBay Minerals worth $98,466,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. GMT Capital Corp purchased a new position in HudBay Minerals in the 2nd quarter valued at about $337,809,000. Vanguard Group Inc. increased its stake in HudBay Minerals by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 16,198,255 shares of the mining company's stock worth $245,355,000 after buying an additional 373,399 shares in the last quarter. L1 Capital Pty Ltd increased its stake in HudBay Minerals by 4.4% during the 2nd quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company's stock worth $159,864,000 after buying an additional 630,703 shares in the last quarter. Hancock Prospecting Pty Ltd acquired a new position in shares of HudBay Minerals during the second quarter valued at approximately $154,359,000. Finally, Invesco Ltd. raised its holdings in shares of HudBay Minerals by 8.7% during the second quarter. Invesco Ltd. now owns 11,344,408 shares of the mining company's stock valued at $120,364,000 after acquiring an additional 903,517 shares during the last quarter. Hedge funds and other institutional investors own 57.82% of the company's stock.

HudBay Minerals Price Performance

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

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Friday, February 20th. The mining company reported $0.22 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.18). The company had revenue of $732.90 million for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.18 EPS. Equities research analysts expect that HudBay Minerals Inc will post 0.79 EPS for the current fiscal year.

HudBay Minerals Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on HBM shares. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Monday, January 26th. Royal Bank Of Canada reissued an "outperform" rating on shares of HudBay Minerals in a research note on Monday, November 17th. Raymond James Financial restated an "outperform" rating on shares of HudBay Minerals in a report on Wednesday, January 14th. Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a report on Sunday, December 7th. Finally, Citigroup increased their target price on shares of HudBay Minerals from $23.00 to $32.50 and gave the company a "buy" rating in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $26.00.

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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