Maverick Capital Ltd. Purchases Shares of 59,037 HudBay Minerals Inc $HBM

Maverick Capital Ltd. acquired a new stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 59,037 shares of the mining company’s stock, valued at approximately $1,234,000.

Other institutional investors also recently modified their holdings of the company. FIL Ltd lifted its position in shares of HudBay Minerals by 202.0% in the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after buying an additional 22,169,339 shares during the last quarter. Invesco Ltd. increased its holdings in shares of HudBay Minerals by 0.4% in the third quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after purchasing an additional 46,948 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after purchasing an additional 5,468,109 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of HudBay Minerals by 15.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock valued at $187,743,000 after purchasing an additional 1,293,023 shares during the period. Finally, Bank of Nova Scotia raised its position in shares of HudBay Minerals by 79.2% in the fourth quarter. Bank of Nova Scotia now owns 7,659,783 shares of the mining company’s stock valued at $152,047,000 after purchasing an additional 3,386,399 shares during the period. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HBM. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 29th. Wall Street Zen upgraded HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Monday, July 20th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, June 25th. Bank of America dropped their price target on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, HudBay Minerals currently has a consensus rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Stock Down 2.9%

Shares of NYSE HBM opened at $21.79 on Wednesday. The stock has a market capitalization of $9.68 billion, a P/E ratio of 13.13, a PEG ratio of 0.35 and a beta of 1.48. The stock’s fifty day moving average is $24.78 and its 200 day moving average is $24.13. HudBay Minerals Inc has a 52 week low of $8.93 and a 52 week high of $32.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The business had revenue of $757.30 million during the quarter, compared to analysts’ expectations of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. HudBay Minerals’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 earnings per share. Sell-side analysts forecast that HudBay Minerals Inc will post 1.55 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, June 9th. HudBay Minerals’s dividend payout ratio is 1.20%.

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.