Letko Brosseau & Associates Inc. Sells 1,962,225 Shares of HudBay Minerals Inc $HBM

Letko Brosseau & Associates Inc. trimmed its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 55.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,569,583 shares of the mining company’s stock after selling 1,962,225 shares during the period. Letko Brosseau & Associates Inc. owned about 0.40% of HudBay Minerals worth $31,203,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in HBM. Allworth Financial LP raised its stake in shares of HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after purchasing an additional 1,033 shares during the period. Quarry LP bought a new stake in shares of HudBay Minerals during the 3rd quarter worth $38,000. IFP Advisors Inc bought a new stake in shares of HudBay Minerals during the 3rd quarter worth $45,000. Banque Cantonale Vaudoise raised its stake in shares of HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after purchasing an additional 2,655 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after purchasing an additional 3,733 shares during the period. 57.82% of the stock is currently owned by institutional investors.

HudBay Minerals Trading Down 2.1%

Shares of HBM opened at $25.57 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. The firm has a market cap of $10.16 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 0.30 and a beta of 1.43. HudBay Minerals Inc has a fifty-two week low of $8.93 and a fifty-two week high of $32.15. The business has a 50-day moving average of $24.92 and a 200 day moving average of $22.82.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted 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. The business had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. As a group, research analysts forecast that HudBay Minerals Inc will post 1.66 EPS for the current year.

HudBay Minerals Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on HBM shares. Citigroup lifted their price objective on HudBay Minerals from $23.00 to $32.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Barclays started coverage on HudBay Minerals in a report on Thursday, May 21st. They issued an “overweight” rating and a $30.00 price objective for the company. Wall Street Zen raised HudBay Minerals from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings lowered HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $27.33.

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.