Letko Brosseau & Associates Inc. Sells 690,325 Shares of HudBay Minerals Inc (NYSE:HBM)

Key Points

• Letko Brosseau & Associates Inc. reduced its stake in HudBay Minerals Inc by 7.6%, now owning 8,393,308 shares valued at approximately $63.6 million.
• Institutional investors collectively hold 57.82% of HudBay Minerals, with major positions being increased by other firms such as Vanguard Group and Dimensional Fund Advisors.
• Analysts currently rate HudBay Minerals as a strong buy with a consensus rating of Buy, following recent upgrades and positive earnings results demonstrating significant year-over-year revenue growth.

Letko Brosseau & Associates Inc. lessened its stake in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 7.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,393,308 shares of the mining company's stock after selling 690,325 shares during the quarter. Letko Brosseau & Associates Inc. owned about 2.12% of HudBay Minerals worth $63,624,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its holdings in shares of HudBay Minerals by 9,877.4% during 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. SBI Securities Co. Ltd. grew its holdings in shares of HudBay Minerals by 64.6% during the first quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock worth $29,000 after purchasing an additional 1,481 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of HudBay Minerals during the first quarter worth about $33,000. Algert Global LLC purchased a new position in shares of HudBay Minerals during the fourth quarter worth about $86,000. Finally, Hsbc Holdings PLC purchased a new position in shares of HudBay Minerals during the fourth quarter worth about $97,000. Hedge funds and other institutional investors own 57.82% of the company's stock.

HudBay Minerals Trading Down 2.3%

HBM stock traded down $0.21 during midday trading on Friday, hitting $9.06. The company had a trading volume of 5,905,076 shares, compared to its average volume of 7,298,890. The company has a current ratio of 2.32, a quick ratio of 1.92 and a debt-to-equity ratio of 0.42. HudBay Minerals Inc has a 52 week low of $5.95 and a 52 week high of $11.13. The stock's 50 day moving average price is $9.89 and its 200 day moving average price is $8.53. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 0.23 and a beta of 1.64.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data 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 previous year, the company posted $0.22 earnings per share. The business's revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts expect that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Raymond James Financial raised HudBay Minerals to a "moderate buy" rating in a report on Monday, June 30th. Veritas raised HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, July 15th. Wall Street Zen lowered HudBay Minerals from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Finally, BMO Capital Markets started coverage on HudBay Minerals in a research note on Wednesday, April 16th. They issued an "outperform" rating for the company. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, HudBay Minerals has a consensus rating of "Buy".

About HudBay Minerals

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.