Man Group plc Purchases New Shares in HudBay Minerals Inc $HBM

Man Group plc acquired a new stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,380,488 shares of the mining company’s stock, valued at approximately $56,194,000. Man Group plc owned about 0.54% of HudBay Minerals as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of HBM. FIL Ltd lifted its position in shares of HudBay Minerals by 202.0% during the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock worth $658,010,000 after purchasing an additional 22,169,339 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of HudBay Minerals in the third quarter valued at approximately $123,736,000. Mackenzie Financial Corp raised its position in HudBay Minerals by 116.1% in the 4th quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after purchasing an additional 5,468,109 shares during the last quarter. Norges Bank bought a new position in HudBay Minerals in the 4th quarter worth approximately $105,315,000. Finally, Goldman Sachs Group Inc. lifted its holdings in HudBay Minerals by 144.2% during the 1st 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. Institutional investors and hedge funds own 57.82% of the company’s stock.

HudBay Minerals Stock Performance

Shares of HudBay Minerals stock opened at $30.79 on Wednesday. The firm has a fifty day moving average of $24.50 and a two-hundred day moving average of $24.48. 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 stock has a market capitalization of $13.68 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.45 and a beta of 1.48. HudBay Minerals Inc has a 52 week low of $11.48 and a 52 week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $632.43 million. During the same period last year, the company earned $0.19 EPS. The firm’s revenue was up 17.7% on a year-over-year basis. As a group, equities research analysts predict that HudBay Minerals Inc will post 1.58 EPS for the current year.

HudBay Minerals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 dividend on an annualized basis and a yield of 0.1%. HudBay Minerals’s dividend payout ratio (DPR) is 1.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wall Street Zen cut HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Bank of America decreased their price target on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Weiss Ratings lowered HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Finally, Barclays boosted their price objective on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, HudBay Minerals presently has a consensus rating of “Moderate Buy” and an average target price 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.