Robotti Robert Buys New Position in HudBay Minerals Inc $HBM

Key Points

• Robotti Robert initiated a position in HudBay Minerals during the second quarter, purchasing 55,000 shares valued at approximately $1.3 million. Institutional investors collectively own 57.82% of the company.
• Analyst sentiment remains favorable, with 11 analysts rating the stock a Buy and two assigning a Hold rating. HudBay has a consensus price target of $31.33, implying potential upside from its reported $26.41 share price.
• HudBay reported quarterly EPS of $0.28, beating estimates by $0.02, while revenue rose 17.7% year over year to $631.3 million. The company also declared a quarterly dividend of $0.01 per share, representing a 0.2% annualized yield.

Robotti Robert purchased a new position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 55,000 shares of the mining company's stock, valued at approximately $1,299,000.

Several other large investors have also added to or reduced their stakes in the stock. Allworth Financial LP increased its position 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 period. Quarry LP purchased a new stake in shares of HudBay Minerals in the 3rd quarter worth about $38,000. IFP Advisors Inc purchased a new stake in shares of HudBay Minerals in the 3rd quarter worth about $45,000. Banque Cantonale Vaudoise boosted its stake in shares of HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company's stock valued at $48,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock valued at $50,000 after purchasing an additional 3,733 shares in the last quarter. Institutional investors own 57.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Barclays increased their price target 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. Bank of America cut their price objective on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Scotiabank reiterated an "outperform" rating on shares of HudBay Minerals in a report on Thursday, July 30th. Jefferies Financial Group reissued a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Finally, Citigroup restated a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, HudBay Minerals currently has an average rating of "Moderate Buy" and a consensus target price of $31.33.

HudBay Minerals Price Performance

Shares of NYSE HBM opened at $26.41 on Wednesday. HudBay Minerals Inc has a fifty-two week low of $10.72 and a fifty-two 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. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 15.54, a P/E/G ratio of 0.41 and a beta of 1.48. The company has a 50 day simple moving average of $24.32 and a two-hundred day simple moving average of $24.34.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $632.43 million. During the same quarter in the previous year, the business earned $0.19 earnings per share. The firm's quarterly revenue was up 17.7% compared to the same quarter last year. Analysts expect that HudBay Minerals Inc will post 1.58 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.01 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. HudBay Minerals's dividend payout ratio (DPR) is presently 1.18%.

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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