Jennison Associates LLC Sells 93,671 Shares of HudBay Minerals Inc $HBM

Key Points

• Jennison Associates LLC cut its HudBay Minerals stake by 37.6% in the first quarter, selling 93,671 shares and leaving it with 155,674 shares worth about $3.25 million.
• HudBay Minerals beat quarterly expectations, reporting EPS of $0.40 versus the $0.34 estimate and revenue of $757.3 million, up 27.3% year over year.
• Analysts remain broadly positive on the stock, with an average “Moderate Buy” rating and a consensus price target of $31.33, though one major firm recently trimmed its target to $29.50.

Jennison Associates LLC lowered its holdings in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 37.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 155,674 shares of the mining company's stock after selling 93,671 shares during the quarter. Jennison Associates LLC's holdings in HudBay Minerals were worth $3,254,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP increased its holdings in HudBay Minerals by 107.9% during the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock valued at $30,000 after buying an additional 1,033 shares during the last quarter. Quarry LP purchased a new position in shares of HudBay Minerals during the 3rd quarter worth $38,000. IFP Advisors Inc bought a new stake in shares of HudBay Minerals during the 3rd quarter valued at $45,000. Banque Cantonale Vaudoise increased its stake in shares of HudBay Minerals by 513.5% in the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company's stock worth $48,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of HudBay Minerals in the 4th quarter worth $71,000. Institutional investors own 57.82% of the company's stock.

HudBay Minerals Trading Up 10.1%

Shares of HBM stock opened at $22.95 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. The stock has a fifty day simple moving average of $25.09 and a two-hundred day simple moving average of $24.07. The firm has a market capitalization of $10.19 billion, a PE ratio of 13.83, a PEG ratio of 0.31 and a beta of 1.48. HudBay Minerals Inc has a 52-week low of $8.93 and a 52-week high of $32.15.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.34 by $0.06. The business had revenue of $757.30 million for the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business's revenue was up 27.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. On average, analysts predict that HudBay Minerals Inc will post 1.61 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors 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 dividend on an annualized basis and a yield of 0.2%. HudBay Minerals's payout ratio is currently 1.81%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Weiss Ratings raised HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 29th. Barclays lifted their price objective on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Bank of America cut their price objective on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a research note on Thursday, July 9th. Finally, Wall Street Zen raised shares of HudBay Minerals from a "hold" rating to a "buy" rating in a report on Monday. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, HudBay Minerals presently has an average rating of "Moderate Buy" and a consensus 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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