Legal & General Group Plc Takes Position in HudBay Minerals Inc $HBM

Key Points

• Legal & General Group acquired 671,219 HudBay Minerals shares worth approximately $15.8 million, giving it a roughly 0.15% stake. Institutional investors collectively own 57.82% of the company.
• HudBay reported quarterly EPS of $0.28, exceeding estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million. Analysts expect full-year EPS of $1.58.
• HBM trades at $29.38, near its 52-week high of $32.15, with a consensus “Moderate Buy” rating and an average analyst price target of $31.33; the company also declared a $0.01 quarterly dividend.

Legal & General Group Plc acquired a new stake in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 671,219 shares of the mining company's stock, valued at approximately $15,844,000. Legal & General Group Plc owned about 0.15% of HudBay Minerals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. FIL Ltd lifted its position in shares of HudBay Minerals by 202.0% during the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company's stock worth $658,010,000 after purchasing an additional 22,169,339 shares during the last quarter. Invesco Ltd. increased its holdings in HudBay Minerals by 0.4% during the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company's stock worth $172,693,000 after purchasing an additional 46,948 shares during the period. Mackenzie Financial Corp increased its holdings in HudBay Minerals by 116.1% during the 4th quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company's stock worth $202,327,000 after purchasing an additional 5,468,109 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of HudBay Minerals by 15.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company's stock valued at $187,743,000 after acquiring an additional 1,293,023 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of HudBay Minerals by 7.8% in the first quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company's stock valued at $172,526,000 after acquiring an additional 597,422 shares in the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

HudBay Minerals Price Performance

HBM opened at $29.38 on Monday. The firm has a market capitalization of $13.05 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 0.45 and a beta of 1.48. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93. The business's 50-day moving average is $24.63 and its two-hundred day moving average is $24.59. HudBay Minerals Inc has a 1 year low of $11.62 and a 1 year high of $32.15.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The business had revenue of $631.30 million for the quarter, compared to analysts' expectations of $632.43 million. During the same period last year, the business earned $0.19 EPS. The company's revenue was up 17.7% compared to the same quarter last year. Research analysts anticipate that HudBay Minerals Inc will post 1.58 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. HudBay Minerals's dividend payout ratio is presently 1.76%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HBM. Barclays increased their target price on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Weiss Ratings cut shares of HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of HudBay Minerals from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Citigroup reissued a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group restated a "buy" rating on shares of HudBay Minerals in a report on Monday, July 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $31.33.

About HudBay Minerals

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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