Lazard Asset Management LLC Lowers Holdings in HudBay Minerals Inc $HBM

Key Points

• Lazard Asset Management cut its HudBay Minerals stake by 48.3% in the first quarter, selling 81,418 shares and retaining 87,008 shares worth approximately $1.82 million.
• Institutional ownership remains significant at 57.82%, with Goldman Sachs more than doubling its position and other firms including UBS and Geode also increasing holdings.
• HudBay reported quarterly EPS of $0.28, beating estimates by $0.02, while revenue rose 17.7% year over year to $631.3 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.33, compared with a recent share price of $23.41.

Lazard Asset Management LLC reduced its position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 48.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 87,008 shares of the mining company's stock after selling 81,418 shares during the quarter. Lazard Asset Management LLC's holdings in HudBay Minerals were worth $1,822,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp grew its position in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock worth $50,000 after buying an additional 3,733 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock valued at $55,264,000 after acquiring an additional 4,299,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in HudBay Minerals by 6.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company's stock worth $3,337,000 after acquiring an additional 27,944 shares during the period. Geode Capital Management LLC lifted its stake in HudBay Minerals by 7.4% in the second quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company's stock worth $2,363,000 after acquiring an additional 15,235 shares during the period. Finally, Creative Planning grew its holdings in HudBay Minerals by 5.4% during the 2nd quarter. Creative Planning now owns 25,067 shares of the mining company's stock worth $266,000 after acquiring an additional 1,289 shares in the last quarter. 57.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Citigroup reaffirmed a "positive" rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Wall Street Zen downgraded shares of HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings raised shares of HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a report on Monday, July 6th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $31.33.

HudBay Minerals Stock Performance

NYSE HBM opened at $23.41 on Tuesday. The firm has a 50-day moving average price of $24.63 and a two-hundred day moving average price of $24.15. HudBay Minerals Inc has a 12-month low of $9.04 and a 12-month high of $32.15. The company has a market capitalization of $10.40 billion, a P/E ratio of 13.77, a P/E/G ratio of 0.35 and a beta of 1.48. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its earnings results on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company had revenue of $631.30 million for the quarter, compared to analysts' expectations of $632.43 million. During the same period last year, the firm earned $0.19 earnings per share. The business's revenue for the quarter was up 17.7% on a year-over-year basis. Analysts anticipate that HudBay Minerals Inc will post 1.55 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, September 8th. HudBay Minerals's dividend payout ratio (DPR) is 1.18%.

HudBay Minerals Company 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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