Connor Clark & Lunn Investment Management Ltd. Takes Position in HudBay Minerals Inc $HBM

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,197,448 shares of the mining company’s stock, valued at approximately $99,022,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quantinno Capital Management LP lifted its position in HudBay Minerals by 6.0% in the first quarter. Quantinno Capital Management LP now owns 11,597 shares of the mining company’s stock valued at $242,000 after buying an additional 657 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in 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 buying an additional 738 shares during the period. Rockefeller Capital Management L.P. increased its position 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 valued at $98,000 after acquiring an additional 986 shares during the last quarter. Wealthcare Advisory Partners LLC increased its position in shares of HudBay Minerals by 2.7% during the second quarter. Wealthcare Advisory Partners LLC now owns 37,766 shares of the mining company’s stock valued at $892,000 after acquiring an additional 992 shares during the last quarter. Finally, Allworth Financial LP raised its position in HudBay Minerals by 107.9% in the third 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. 57.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on HBM shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, July 30th. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Weiss Ratings downgraded HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 13th. Finally, Barclays increased their price target on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, HudBay Minerals currently has an average rating of “Moderate Buy” and an average price target of $31.33.

HudBay Minerals Stock Performance

Shares of HBM stock opened at $30.08 on Monday. The stock’s 50-day moving average is $24.45 and its two-hundred day moving average is $24.42. The firm has a market cap of $13.36 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 0.46 and a beta of 1.48. HudBay Minerals Inc has a 1 year low of $11.21 and a 1 year 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) (TSE:HBM) last posted 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. 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 the consensus estimate of $632.43 million. During the same period in the previous year, the business earned $0.19 EPS. The business’s quarterly revenue was up 17.7% on a year-over-year basis. Analysts predict that HudBay Minerals Inc will post 1.58 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 annualized dividend and a yield of 0.1%. HudBay Minerals’s payout ratio is 1.76%.

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.