HudBay Minerals Inc $HBM Shares Bought by Regal Partners Ltd

Key Points

• Regal Partners more than doubled its HudBay Minerals position in the first quarter, adding 388,853 shares to own 728,828 shares valued at approximately $15.2 million. Institutional investors collectively own 57.82% of the company.
• HudBay reported stronger-than-expected quarterly results, with earnings of $0.40 per share versus a $0.34 consensus estimate and revenue of $757.3 million, up 27.3% year over year.
• Shares opened at $21.79, down 2.9%, while analysts maintained a generally positive outlook: 11 rated the stock a Buy and two rated it Hold, with an average price target of $31.33.

Regal Partners Ltd grew its position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 114.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 728,828 shares of the mining company's stock after buying an additional 388,853 shares during the period. HudBay Minerals accounts for approximately 0.8% of Regal Partners Ltd's investment portfolio, making the stock its 26th largest position. Regal Partners Ltd owned 0.18% of HudBay Minerals worth $15,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp lifted its holdings in HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock valued at $50,000 after acquiring an additional 3,733 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock worth $55,264,000 after acquiring an additional 4,299,428 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in HudBay Minerals by 6.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company's stock worth $3,337,000 after acquiring an additional 27,944 shares during the last quarter. Geode Capital Management LLC increased its stake in HudBay Minerals by 7.4% during the second quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company's stock worth $2,363,000 after acquiring an additional 15,235 shares during the last quarter. Finally, Creative Planning raised its position in HudBay Minerals by 5.4% in the second 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 during the period. Institutional investors and hedge funds own 57.82% of the company's stock.

HudBay Minerals Trading Down 2.9%

Shares of NYSE HBM opened at $21.79 on Wednesday. HudBay Minerals Inc has a twelve month low of $8.93 and a twelve month high of $32.15. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $24.78 and a 200-day simple moving average of $24.13. The stock has a market capitalization of $9.68 billion, a PE ratio of 13.13, a PEG ratio of 0.35 and a beta of 1.48.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The firm had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. During the same quarter in the prior year, the company earned $0.24 EPS. HudBay Minerals's revenue was up 27.3% on a year-over-year basis. On average, equities analysts forecast that HudBay Minerals Inc will post 1.55 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, June 9th. HudBay Minerals's dividend payout ratio is currently 1.20%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays upped their price target on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Bank of America reduced their price objective on shares of HudBay Minerals from $33.50 to $29.50 and set a "buy" rating on the stock in a report on Thursday, July 9th. Weiss Ratings raised shares of 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 reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. 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 assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $31.33.

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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