Royal Bank of Canada Grows Stock Holdings in HudBay Minerals Inc $HBM

Key Points

• Royal Bank of Canada increased its HudBay Minerals stake by 7.8% in the first quarter, acquiring 597,422 additional shares and bringing its holdings to 8.25 million shares, or 2.08% of the company.
• HudBay reported quarterly earnings of $0.28 per share, beating estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million. Shares were trading at $21.94, down from their 50- and 200-day moving averages.
• Analyst sentiment remains positive, with 11 analysts rating the stock Buy and two rating it Hold; the consensus is “Moderate Buy” with an average price target of $31.33.

Royal Bank of Canada boosted its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 7.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,254,831 shares of the mining company's stock after acquiring an additional 597,422 shares during the period. Royal Bank of Canada owned 2.08% of HudBay Minerals worth $172,526,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Waterfront Wealth Inc. grew its stake in shares of HudBay Minerals by 1.0% in the 4th quarter. Waterfront Wealth Inc. now owns 39,451 shares of the mining company's stock valued at $783,000 after purchasing an additional 399 shares during the last quarter. Strong Tower Advisory Services raised its stake in shares of HudBay Minerals by 0.6% during the fourth quarter. Strong Tower Advisory Services now owns 94,762 shares of the mining company's stock worth $1,881,000 after purchasing an additional 587 shares during the last quarter. Quantinno Capital Management LP raised its stake in shares of HudBay Minerals by 6.0% during the first quarter. Quantinno Capital Management LP now owns 11,597 shares of the mining company's stock worth $242,000 after purchasing an additional 657 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of HudBay Minerals by 0.6% during the fourth quarter. Vontobel Holding Ltd. now owns 126,090 shares of the mining company's stock worth $2,503,000 after purchasing an additional 738 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its holdings in shares of HudBay Minerals by 25.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,933 shares of the mining company's stock worth $98,000 after purchasing an additional 986 shares during the period. 57.82% of the stock is owned by hedge funds and other institutional investors.

HudBay Minerals Trading Up 0.8%

Shares of HBM stock opened at $21.94 on Thursday. The business's fifty day moving average price is $24.72 and its 200 day moving average price is $24.14. HudBay Minerals Inc has a 1-year low of $8.93 and a 1-year high of $32.15. The firm has a market capitalization of $9.75 billion, a PE ratio of 13.22, a P/E/G ratio of 0.34 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its earnings results on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company had revenue of $631.30 million during the quarter, compared to the consensus estimate of $632.43 million. During the same quarter last year, the company earned $0.19 earnings per share. HudBay Minerals's quarterly revenue was up 17.7% compared to the same quarter last year. As a group, sell-side analysts forecast that HudBay Minerals Inc will post 1.55 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on HBM shares. Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, June 25th. Jefferies Financial Group restated a "buy" rating on shares of HudBay Minerals in a research note on Monday, July 6th. Wall Street Zen raised shares of HudBay Minerals from a "hold" rating to a "buy" rating in a report on Monday, July 20th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Finally, Weiss Ratings raised shares of HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 29th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $31.33.

About HudBay Minerals

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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