HudBay Minerals Inc $HBM Shares Sold by EdgePoint Investment Group Inc.

Key Points

• EdgePoint Investment Group reduced its HudBay Minerals stake by 14% in the first quarter, selling 446,608 shares and retaining 2.75 million shares worth approximately $57.5 million. Institutional investors and hedge funds collectively own 57.82% of the company.
• HudBay reported strong quarterly results, with earnings of $0.40 per share beating estimates by $0.06 and revenue rising 27.3% year over year to $757.3 million.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds, an average “Moderate Buy” consensus, and an average price target of $31.33 versus the reported share price of $22.35.

EdgePoint Investment Group Inc. lowered its position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 14.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,747,198 shares of the mining company's stock after selling 446,608 shares during the period. HudBay Minerals makes up about 0.5% of EdgePoint Investment Group Inc.'s investment portfolio, making the stock its 23rd largest position. EdgePoint Investment Group Inc. owned approximately 0.69% of HudBay Minerals worth $57,538,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in HBM. FIL Ltd lifted its holdings in HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company's stock worth $658,010,000 after buying an additional 22,169,339 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in HudBay Minerals in the third quarter valued at about $123,736,000. Mackenzie Financial Corp boosted its holdings in HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company's stock valued at $202,327,000 after purchasing an additional 5,468,109 shares during the last quarter. Norges Bank acquired a new stake in HudBay Minerals during the 4th quarter valued at approximately $105,315,000. Finally, Goldman Sachs Group Inc. increased its holdings in HudBay Minerals by 144.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock worth $55,264,000 after purchasing an additional 4,299,428 shares during the last quarter. 57.82% of the stock is owned by institutional investors and hedge funds.

HudBay Minerals Stock Performance

Shares of HBM opened at $22.35 on Tuesday. The business's fifty day moving average price is $24.82 and its 200 day moving average price is $24.13. HudBay Minerals Inc has a 12-month low of $8.93 and a 12-month high of $32.15. The stock has a market capitalization of $9.93 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The firm's revenue for the quarter was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. Equities research analysts forecast that HudBay Minerals Inc will post 1.6 EPS 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 issued a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. HudBay Minerals's payout ratio is 1.81%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays upped their target price on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Citigroup reaffirmed a "positive" rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Wall Street Zen raised shares of HudBay Minerals from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, HudBay Minerals currently has an average rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.