Vanguard Group Inc. Trims Stake in HudBay Minerals Inc $HBM

Key Points

• Vanguard Group Inc. trimmed its stake in HudBay Minerals by 2.2% in Q4, selling 355,997 shares and ending the quarter with 15,842,258 shares (about 3.99% of the company) valued at roughly $314.5 million.
• Large institutional reshuffling continues—Arrowstreet opened a new ~$123.7M position while Goldman Sachs, Connor Clark & Lunn and Bank of Nova Scotia markedly increased holdings, leaving hedge funds and other institutions owning about 57.82% of the stock.
• HudBay beat Q1 expectations, reporting $0.40 EPS vs. $0.34 est. and revenue of $757.3M (+27.3% YoY); the company announced a $0.01 quarterly dividend and carries a MarketBeat consensus rating of "Moderate Buy" with a $26 target.

Vanguard Group Inc. trimmed its holdings in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,842,258 shares of the mining company's stock after selling 355,997 shares during the quarter. Vanguard Group Inc. owned about 3.99% of HudBay Minerals worth $314,532,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in HBM. Arrowstreet Capital Limited Partnership purchased a new position in HudBay Minerals during the third quarter worth about $123,736,000. Goldman Sachs Group Inc. grew its position in HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock worth $55,264,000 after buying an additional 4,299,428 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in HudBay Minerals by 145.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,502,180 shares of the mining company's stock worth $98,466,000 after buying an additional 3,851,771 shares in the last quarter. Bank of Nova Scotia grew its position in HudBay Minerals by 662.0% during the third quarter. Bank of Nova Scotia now owns 4,273,384 shares of the mining company's stock worth $64,783,000 after buying an additional 3,712,572 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in HudBay Minerals during the second quarter worth about $21,698,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

HudBay Minerals Trading Down 0.4%

NYSE HBM opened at $23.91 on Friday. HudBay Minerals Inc has a 1-year low of $7.45 and a 1-year high of $28.74. The company has a current ratio of 1.36, a quick ratio of 0.78 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average of $22.86 and a 200-day moving average of $21.06. The firm has a market cap of $9.50 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 0.29 and a beta of 1.37.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. During the same quarter in the previous year, the company posted $0.24 EPS. HudBay Minerals's revenue for the quarter was up 27.3% on a year-over-year basis. As a group, sell-side analysts forecast that HudBay Minerals Inc will post 1.58 EPS for the current year.

HudBay Minerals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 9th. HudBay Minerals's payout ratio is 0.60%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on HBM. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Monday, January 26th. UBS Group began coverage on HudBay Minerals in a research note on Thursday, January 8th. They set a "buy" rating for the company. Wall Street Zen raised HudBay Minerals from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Citigroup lifted their price target on HudBay Minerals from $23.00 to $32.50 and gave the stock a "buy" rating in a research note on Wednesday, February 11th. Finally, Zacks Research lowered HudBay Minerals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.00.

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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