Nikko Asset Management Americas Inc. Grows Stake in HudBay Minerals Inc (NYSE:HBM)

Key Points

• Nikko Asset Management Americas Inc. has increased its stake in HudBay Minerals Inc. by 142.8% during the first quarter, acquiring an additional 58,999 shares for a total of 100,303 shares valued at $761,000.
• Several institutional investors, including Vanguard Group Inc. and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., have also increased their holdings in HudBay Minerals, indicating strong institutional interest.
• HudBay Minerals recently reported $0.24 EPS for the quarter, exceeding analyst expectations and showing a 13.3% increase in quarterly revenue compared to the previous year.

Nikko Asset Management Americas Inc. boosted its holdings in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 142.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,303 shares of the mining company's stock after purchasing an additional 58,999 shares during the period. Nikko Asset Management Americas Inc.'s holdings in HudBay Minerals were worth $761,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of HudBay Minerals by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 15,267,805 shares of the mining company's stock worth $123,852,000 after purchasing an additional 255,191 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of HudBay Minerals by 14.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,662,499 shares of the mining company's stock worth $118,874,000 after purchasing an additional 1,822,601 shares in the last quarter. Invesco Ltd. boosted its position in shares of HudBay Minerals by 2.7% in the 4th quarter. Invesco Ltd. now owns 11,815,849 shares of the mining company's stock worth $95,708,000 after purchasing an additional 314,619 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of HudBay Minerals by 86.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,149,134 shares of the mining company's stock worth $74,105,000 after purchasing an additional 4,253,400 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of HudBay Minerals by 4.9% in the 4th quarter. Bank of Montreal Can now owns 8,065,777 shares of the mining company's stock worth $65,342,000 after purchasing an additional 374,258 shares in the last quarter. Hedge funds and other institutional investors own 57.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. BMO Capital Markets assumed coverage on HudBay Minerals in a research report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, May 13th. Wall Street Zen cut HudBay Minerals from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Finally, Desjardins started coverage on HudBay Minerals in a report on Friday, April 4th. They set a "buy" rating on the stock. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, HudBay Minerals currently has a consensus rating of "Buy".

HudBay Minerals Trading Down 2.3%

NYSE HBM traded down $0.23 during trading on Wednesday, hitting $9.64. The stock had a trading volume of 1,473,410 shares, compared to its average volume of 7,339,372. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.92 and a current ratio of 2.32. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 25.31, a P/E/G ratio of 0.25 and a beta of 1.63. HudBay Minerals Inc has a one year low of $5.95 and a one year high of $11.13. The stock has a 50 day simple moving average of $9.86 and a 200 day simple moving average of $8.52.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its earnings results on Monday, May 12th. The mining company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.14. The business had revenue of $594.90 million for the quarter, compared to analyst estimates of $537.36 million. HudBay Minerals had a net margin of 7.40% and a return on equity of 8.17%. The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company posted $0.22 earnings per share. Sell-side analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

About HudBay Minerals

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.