Millennium Management LLC Cuts Stake in Hudbay Minerals Inc. (NYSE:HBM)

Millennium Management LLC reduced its holdings in shares of Hudbay Minerals Inc. (NYSE:HBM - Free Report) TSE: HBM by 63.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,534,335 shares of the mining company's stock after selling 2,651,714 shares during the quarter. Millennium Management LLC owned 0.39% of Hudbay Minerals worth $12,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Hudbay Minerals by 14.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,662,499 shares of the mining company's stock valued at $118,874,000 after acquiring an additional 1,822,601 shares during the period. Moore Capital Management LP bought a new position in Hudbay Minerals in the fourth quarter valued at about $4,409,000. Encompass Capital Advisors LLC lifted its holdings in Hudbay Minerals by 99.1% in the fourth quarter. Encompass Capital Advisors LLC now owns 3,484,227 shares of the mining company's stock valued at $28,246,000 after acquiring an additional 1,734,255 shares during the period. Deutsche Bank AG lifted its holdings in Hudbay Minerals by 90.5% in the fourth quarter. Deutsche Bank AG now owns 26,582 shares of the mining company's stock valued at $215,000 after acquiring an additional 12,630 shares during the period. Finally, Eagle Global Advisors LLC bought a new position in Hudbay Minerals in the fourth quarter valued at about $168,000. 57.82% of the stock is owned by institutional investors.

Hudbay Minerals Stock Performance

Shares of NYSE HBM traded up $0.07 during trading on Thursday, hitting $9.09. The company had a trading volume of 3,453,607 shares, compared to its average volume of 7,026,492. The stock has a 50 day simple moving average of $7.60 and a 200 day simple moving average of $8.11. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86. Hudbay Minerals Inc. has a 12 month low of $5.95 and a 12 month high of $9.91. The firm has a market capitalization of $3.59 billion, a P/E ratio of 50.48 and a beta of 1.56.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its quarterly earnings data on Monday, May 12th. The mining company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.10 by $0.14. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The firm had revenue of $594.90 million for the quarter, compared to the consensus estimate of $537.36 million. During the same quarter last year, the company earned $0.22 earnings per share. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, analysts anticipate that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on HBM. BMO Capital Markets began coverage on Hudbay Minerals in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Wall Street Zen raised Hudbay Minerals from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Scotiabank reissued an "outperform" rating on shares of Hudbay Minerals in a report on Tuesday, May 13th. Stifel Canada raised Hudbay Minerals to a "strong-buy" rating in a report on Wednesday, March 19th. Finally, Desjardins began coverage on Hudbay Minerals in a report on Friday, April 4th. They issued a "buy" rating on the stock. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $14.00.

Hudbay Minerals Company 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.