Public Employees Retirement System of Ohio Makes New Investment in HudBay Minerals Inc $HBM

Key Points

• Public Employees Retirement System of Ohio purchased 658,063 HudBay Minerals shares worth approximately $15.5 million, giving it about a 0.15% stake. 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 rose 17.7% year over year to $631.3 million. Analysts expect $1.58 in full-year EPS.
• Shares recently traded at $29.38, and analysts maintain a Moderate Buy consensus with an average price target of $31.33. The company also declared a quarterly dividend of $0.01 per share.

Public Employees Retirement System of Ohio purchased a new position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 658,063 shares of the mining company's stock, valued at approximately $15,533,000. Public Employees Retirement System of Ohio owned about 0.15% of HudBay Minerals as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of HBM. Rakuten Securities Inc. bought a new position in HudBay Minerals during the second quarter worth $28,000. Allworth Financial LP raised its stake in HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock valued at $30,000 after purchasing an additional 1,033 shares during the last quarter. Fiduciary Financial Advisors acquired a new position in HudBay Minerals during the 2nd quarter valued at $32,000. EFG International AG bought a new stake in HudBay Minerals in the 2nd quarter valued at $38,000. Finally, Quarry LP bought a new stake in HudBay Minerals in the 3rd quarter valued at $38,000. 57.82% of the stock is owned by institutional investors.

HudBay Minerals Trading Up 0.3%

Shares of HBM stock opened at $29.38 on Monday. The firm has a fifty day moving average of $24.63 and a 200-day moving average of $24.59. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 0.45 and a beta of 1.48. HudBay Minerals Inc has a 52-week low of $11.62 and a 52-week high of $32.15. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.93 and a current ratio of 2.24.

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

HudBay Minerals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.01 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a yield of 0.1%. HudBay Minerals's dividend payout ratio (DPR) is currently 1.18%.

Wall Street Analyst Weigh In

HBM has been the topic of several research reports. Bank of America dropped their price objective on shares of HudBay Minerals from $33.50 to $29.50 and set a "buy" rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group reiterated a "buy" rating on shares of HudBay Minerals in a research note on Monday, July 6th. Wall Street Zen downgraded HudBay Minerals from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays boosted their price target on HudBay Minerals from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings cut HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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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