Orchard Capital Management LLC Buys New Shares in HudBay Minerals Inc $HBM

Key Points

• Orchard Capital Management purchased 133,607 HudBay Minerals shares worth approximately $3.15 million, making the stock 3.1% of its portfolio. Institutional investors collectively own 57.82% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and two Hold ratings, producing a “Moderate Buy” consensus and an average price target of $31.33, although some firms recently lowered their ratings or targets.
• HudBay reported quarterly EPS of $0.28, exceeding estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million. The company also declared a quarterly dividend of $0.01 per share, for a 0.1% yield.

Orchard Capital Management LLC purchased a new position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 133,607 shares of the mining company's stock, valued at approximately $3,154,000. HudBay Minerals comprises about 3.1% of Orchard Capital Management LLC's investment portfolio, making the stock its 11th largest position.

Other institutional investors have also added to or reduced their stakes in the company. First Trust Advisors LP boosted its holdings in HudBay Minerals by 35.3% during the 1st quarter. First Trust Advisors LP now owns 229,948 shares of the mining company's stock valued at $4,814,000 after acquiring an additional 60,025 shares during the period. Bank of America Corp DE increased its stake in HudBay Minerals by 53.3% in the 1st quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company's stock worth $39,369,000 after purchasing an additional 655,308 shares during the period. Artemis Investment Management LLP increased its stake in HudBay Minerals by 15.6% in the 4th quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company's stock worth $113,355,000 after purchasing an additional 770,172 shares during the period. Goehring & Rozencwajg Associates LLC lifted its position in HudBay Minerals by 6.6% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company's stock valued at $16,380,000 after purchasing an additional 51,387 shares during the last quarter. Finally, Maxi Investments CY Ltd bought a new stake in HudBay Minerals in the fourth quarter valued at approximately $993,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Bank of America dropped their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a research report on Thursday, July 9th. Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, July 30th. Citigroup restated a "positive" rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Finally, Weiss Ratings downgraded shares of HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 13th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, HudBay Minerals currently has an average rating of "Moderate Buy" and an average price target of $31.33.

HudBay Minerals Stock Up 6.9%

Shares of HudBay Minerals stock opened at $30.08 on Friday. The company has a current ratio of 2.24, a quick ratio of 1.93 and a debt-to-equity ratio of 0.17. HudBay Minerals Inc has a 12-month low of $11.21 and a 12-month high of $32.15. The company has a market cap of $13.36 billion, a P/E ratio of 17.69, a PEG ratio of 0.46 and a beta of 1.48. The company's fifty day simple moving average is $24.45 and its two-hundred day simple moving average is $24.42.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted 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. The firm had revenue of $631.30 million during the quarter, compared to analysts' expectations of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company's quarterly revenue was up 17.7% compared to the same quarter last year. During the same period last year, the company posted $0.19 EPS. Research analysts anticipate that HudBay Minerals Inc will post 1.58 EPS for the current year.

HudBay Minerals Dividend Announcement

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

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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