Polar Asset Management Partners Inc. Invests $3.04 Million in HudBay Minerals Inc $HBM

Key Points

• Polar Asset Management initiated a $3.04 million position in HudBay Minerals by purchasing 128,817 shares during the second quarter. Institutional investors collectively own 57.82% of the company.
• HudBay reported quarterly EPS of $0.28, beating 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.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $31.33; the stock recently traded at $30.79.

Polar Asset Management Partners Inc. purchased a new position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 128,817 shares of the mining company's stock, valued at approximately $3,037,000.

Several other large investors also recently added to or reduced their stakes in HBM. Jones Financial Companies Lllp grew its stake in HudBay Minerals by 131.6% in the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock worth $50,000 after acquiring an additional 3,733 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock valued at $55,264,000 after purchasing an additional 4,299,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of HudBay Minerals by 6.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company's stock valued at $3,337,000 after purchasing an additional 27,944 shares during the period. Geode Capital Management LLC grew its stake in HudBay Minerals by 7.4% in the second quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company's stock worth $2,363,000 after purchasing an additional 15,235 shares in the last quarter. Finally, Creative Planning grew its stake in HudBay Minerals by 5.4% in the second quarter. Creative Planning now owns 25,067 shares of the mining company's stock worth $266,000 after purchasing an additional 1,289 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

HudBay Minerals Price Performance

NYSE HBM opened at $30.79 on Wednesday. The firm's fifty day simple moving average is $24.50 and its two-hundred day simple moving average is $24.48. 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 $11.48 and a 12-month high of $32.15. The firm has a market capitalization of $13.68 billion, a P/E ratio of 18.11, a P/E/G ratio of 0.45 and a beta of 1.48.

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

HudBay Minerals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors 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 dividend payout ratio is currently 1.76%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Weiss Ratings lowered HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Barclays upped their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, July 30th. Eleven 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 company currently has an average rating of "Moderate Buy" and an average target price of $31.33.

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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