Persistent Asset Partners Ltd Purchases Shares of 58,997 HudBay Minerals Inc $HBM

Key Points

• Persistent Asset Partners initiated a position in HudBay Minerals by purchasing 58,997 shares valued at approximately $1.39 million. Institutional investors collectively own 57.82% of the company.
• HudBay reported quarterly earnings of $0.28 per share, exceeding estimates by $0.02, while revenue reached $631.3 million and increased 17.7% year over year.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $31.33 versus the stock’s reported $26.65 price. HudBay also declared a quarterly dividend of $0.01 per share.

Persistent Asset Partners Ltd purchased a new position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 58,997 shares of the mining company's stock, valued at approximately $1,391,000.

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

HudBay Minerals Stock Down 0.2%

Shares of NYSE HBM opened at $26.65 on Monday. 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 $10.72 and a 12 month high of $32.15. The firm has a market capitalization of $11.83 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 0.41 and a beta of 1.48. The firm has a fifty day simple moving average of $24.27 and a two-hundred day simple moving average of $24.34.

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. Equities analysts expect that HudBay Minerals Inc will post 1.58 earnings per share for the current year.

HudBay Minerals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Tuesday, September 8th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals's dividend payout ratio is presently 1.76%.

Wall Street Analyst Weigh In

HBM has been the subject of a number of research reports. Wall Street Zen cut shares of HudBay Minerals from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Citigroup restated a "positive" rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Barclays boosted their target price on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Bank of America dropped their target price on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a report on Thursday, July 9th. Finally, Weiss Ratings cut HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, HudBay Minerals currently has an average rating of "Moderate Buy" and an average target price of $31.33.

HudBay Minerals 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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