HudBay Minerals Inc (NYSE:HBM) Shares Sold by Letko Brosseau & Associates Inc.

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

A number of other institutional investors also recently made changes to their positions in HBM. Raymond James Financial Inc. purchased a new stake in shares of HudBay Minerals in the fourth quarter valued at $183,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of HudBay Minerals by 142.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 100,303 shares of the mining company's stock valued at $761,000 after purchasing an additional 58,999 shares during the period. Guggenheim Capital LLC purchased a new stake in shares of HudBay Minerals in the fourth quarter valued at $186,000. Alliancebernstein L.P. grew its position in shares of HudBay Minerals by 3.9% in the fourth quarter. Alliancebernstein L.P. now owns 72,730 shares of the mining company's stock valued at $589,000 after purchasing an additional 2,740 shares during the period. Finally, Barclays PLC grew its position in shares of HudBay Minerals by 7.9% in the fourth quarter. Barclays PLC now owns 93,286 shares of the mining company's stock valued at $756,000 after purchasing an additional 6,811 shares during the period. 57.82% of the stock is owned by institutional investors and hedge funds.

HudBay Minerals Stock Down 2.3%

Shares of NYSE HBM traded down $0.21 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. HudBay Minerals Inc has a 12-month low of $5.95 and a 12-month high of $11.13. The business has a 50 day moving average of $9.89 and a two-hundred day moving average of $8.53. The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $3.58 billion, a P/E ratio of 23.84, a PEG ratio of 0.24 and a beta of 1.64.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its earnings results on Monday, May 12th. The mining company reported $0.24 earnings per share for the quarter, topping 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 company 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 business earned $0.22 earnings per share. The company's revenue was up 13.3% compared to the same quarter last year. As a group, equities research analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HBM has been the subject of a number of recent analyst reports. Desjardins initiated coverage on HudBay Minerals in a research report on Friday, April 4th. They issued a "buy" rating for the company. Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, May 13th. BMO Capital Markets initiated coverage on HudBay Minerals in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Veritas raised HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Wall Street Zen downgraded HudBay Minerals from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy".

HudBay Minerals 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.