HudBay Minerals Inc (NYSE:HBM) Stake Lowered by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. significantly reduced its stake in HudBay Minerals Inc. by 85.0% in the first quarter, now holding 50,080 shares valued at $380,000.
• Several institutional investors, including SBI Securities and Federated Hermes, have increased their holdings in HudBay Minerals, contributing to a total ownership of 57.82% by hedge funds and other institutions.
• HudBay Minerals reported a better-than-expected earnings result with $0.24 earnings per share for the most recent quarter, surpassing the consensus estimate of $0.10.

PCJ Investment Counsel Ltd. reduced its stake in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 85.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,080 shares of the mining company's stock after selling 283,190 shares during the period. PCJ Investment Counsel Ltd.'s holdings in HudBay Minerals were worth $380,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. SBI Securities Co. Ltd. grew its holdings in shares of HudBay Minerals by 64.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock valued at $29,000 after acquiring an additional 1,481 shares in the last quarter. Federated Hermes Inc. boosted its holdings in HudBay Minerals by 1.4% in the first quarter. Federated Hermes Inc. now owns 126,836 shares of the mining company's stock worth $963,000 after purchasing an additional 1,794 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in HudBay Minerals by 3.9% in the fourth quarter. Alliancebernstein L.P. now owns 72,730 shares of the mining company's stock worth $589,000 after purchasing an additional 2,740 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in HudBay Minerals by 9,877.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company's stock worth $25,000 after purchasing an additional 3,062 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in HudBay Minerals by 24.3% in the fourth quarter. Cetera Investment Advisers now owns 19,224 shares of the mining company's stock worth $156,000 after purchasing an additional 3,760 shares in the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

HudBay Minerals Price Performance

Shares of NYSE:HBM opened at $9.38 on Friday. The business has a 50 day moving average price of $9.92 and a 200 day moving average price of $8.55. HudBay Minerals Inc has a twelve month low of $5.95 and a twelve month high of $11.13. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 24.67, a PEG ratio of 0.24 and a beta of 1.63. The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 0.42.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its earnings results on Monday, May 12th. The mining company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.14. HudBay Minerals had a return on equity of 8.17% and a net margin of 7.40%. The firm had revenue of $594.90 million during the quarter, compared to the consensus estimate of $537.36 million. During the same quarter in the prior year, the company earned $0.22 EPS. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. Research analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on HBM shares. Veritas upgraded shares of HudBay Minerals to a "strong-buy" rating in a report on Monday, July 7th. Wall Street Zen cut shares of HudBay Minerals from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. CIBC reiterated an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, July 15th. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, May 13th. Finally, Raymond James Financial raised HudBay Minerals to a "moderate buy" rating in a research report on Monday, June 30th. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy".

HudBay Minerals Company Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.

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