First Trust Advisors LP Raises Position in HudBay Minerals Inc $HBM

Key Points

• First Trust Advisors LP increased its HudBay Minerals position by 35.3% in the first quarter, adding 60,025 shares for a total of 229,948 shares valued at approximately $4.8 million. Institutional investors collectively own 57.82% of the company.
• Analyst sentiment remains favorable, with 11 Buy ratings and two Hold ratings producing a “Moderate Buy” consensus and an average price target of $31.33. Barclays recently raised its target to $32 and maintained an Overweight rating.
• HudBay reported quarterly earnings of $0.28 per share, exceeding estimates by $0.02, while revenue rose 17.7% year over year to $631.3 million. The company also declared a quarterly dividend of $0.01 per share, yielding approximately 0.2%.

First Trust Advisors LP raised its position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 35.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 229,948 shares of the mining company's stock after acquiring an additional 60,025 shares during the quarter. First Trust Advisors LP owned approximately 0.06% of HudBay Minerals worth $4,814,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in HBM. Waterfront Wealth Inc. boosted its holdings in shares of HudBay Minerals by 1.0% during the 4th quarter. Waterfront Wealth Inc. now owns 39,451 shares of the mining company's stock valued at $783,000 after buying an additional 399 shares in the last quarter. Strong Tower Advisory Services boosted its stake in HudBay Minerals by 0.6% during the fourth quarter. Strong Tower Advisory Services now owns 94,762 shares of the mining company's stock worth $1,881,000 after acquiring an additional 587 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in HudBay Minerals by 0.6% during the fourth quarter. Vontobel Holding Ltd. now owns 126,090 shares of the mining company's stock worth $2,503,000 after acquiring an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in HudBay Minerals by 25.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,933 shares of the mining company's stock worth $98,000 after acquiring an additional 986 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in HudBay Minerals by 107.9% in the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock worth $30,000 after purchasing an additional 1,033 shares during the period. Hedge funds and other institutional investors own 57.82% of the company's stock.

Analysts Set New Price Targets

HBM has been the subject of several recent research reports. Wall Street Zen lowered shares of HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings raised HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a report on Thursday, July 30th. Finally, Barclays raised their price target on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $31.33.

HudBay Minerals Price Performance

Shares of HBM opened at $24.75 on Wednesday. The company has a market capitalization of $10.99 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 0.36 and a beta of 1.48. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $24.60 and a 200 day moving average of $24.16. HudBay Minerals Inc has a twelve month low of $9.04 and a twelve month high of $32.15.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company had revenue of $631.30 million during the quarter, compared to analyst estimates of $632.43 million. During the same period in the previous year, the business earned $0.19 EPS. The firm's revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts anticipate that HudBay Minerals Inc will post 1.55 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals's dividend payout ratio is presently 1.76%.

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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