EdgePoint Investment Group Inc. Has $79.11 Million Holdings in HudBay Minerals Inc $HBM

EdgePoint Investment Group Inc. cut its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 23.1% during the third quarter, Holdings Channel reports. The fund owned 5,224,213 shares of the mining company’s stock after selling 1,566,712 shares during the period. HudBay Minerals makes up about 0.6% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 24th biggest position. EdgePoint Investment Group Inc.’s holdings in HudBay Minerals were worth $79,113,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GMT Capital Corp acquired a new position in HudBay Minerals in the second quarter worth $337,809,000. Vanguard Group Inc. grew its holdings in shares of HudBay Minerals by 2.4% during the third quarter. Vanguard Group Inc. now owns 16,198,255 shares of the mining company’s stock worth $245,355,000 after purchasing an additional 373,399 shares during the last quarter. L1 Capital Pty Ltd increased its stake in shares of HudBay Minerals by 4.4% in the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company’s stock valued at $159,864,000 after buying an additional 630,703 shares in the last quarter. Hancock Prospecting Pty Ltd acquired a new stake in shares of HudBay Minerals in the second quarter valued at $154,359,000. Finally, Invesco Ltd. raised 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 buying an additional 46,948 shares during the last quarter. 57.82% of the stock is owned by institutional investors and hedge funds.

HudBay Minerals Stock Performance

Shares of NYSE:HBM opened at $20.71 on Friday. The stock has a market capitalization of $8.22 billion, a P/E ratio of 14.48, a P/E/G ratio of 0.28 and a beta of 1.27. HudBay Minerals Inc has a 1-year low of $5.95 and a 1-year high of $28.74. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $24.38 and a two-hundred day moving average price of $18.95.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Friday, February 20th. The mining company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.18). The business had revenue of $732.90 million for the quarter, compared to analyst estimates of $730.13 million. HudBay Minerals had a net margin of 25.71% and a return on equity of 8.91%. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share. Equities analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

HudBay Minerals Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, March 27th. Investors of record on Tuesday, March 10th will be issued a $0.01 dividend. This represents a yield of 9.0%. The ex-dividend date is Tuesday, March 10th. HudBay Minerals’s dividend payout ratio is currently 0.70%.

Analyst Ratings Changes

A number of brokerages have commented on HBM. Wall Street Zen lowered shares of HudBay Minerals from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, January 15th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Monday, January 26th. National Bank Financial cut shares of HudBay Minerals from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, January 28th. Finally, Citigroup boosted their price objective on shares of HudBay Minerals from $23.00 to $32.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “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.