Thomist Capital Management LP Takes $17.31 Million Position in HudBay Minerals Inc $HBM

Thomist Capital Management LP purchased a new position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 734,227 shares of the mining company’s stock, valued at approximately $17,312,000. HudBay Minerals accounts for about 5.5% of Thomist Capital Management LP’s portfolio, making the stock its 6th biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. First Trust Advisors LP grew its position in shares of HudBay Minerals by 35.3% during the 1st quarter. First Trust Advisors LP now owns 229,948 shares of the mining company’s stock worth $4,814,000 after purchasing an additional 60,025 shares in the last quarter. Bank of America Corp DE raised its position in shares of HudBay Minerals by 53.3% in the first quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock valued at $39,369,000 after buying an additional 655,308 shares in the last quarter. Artemis Investment Management LLP raised its position in shares of HudBay Minerals by 15.6% in the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock valued at $113,355,000 after buying an additional 770,172 shares in the last quarter. Goehring & Rozencwajg Associates LLC boosted its stake in shares of HudBay Minerals by 6.6% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock valued at $16,380,000 after buying an additional 51,387 shares during the period. Finally, Maxi Investments CY Ltd bought a new stake in shares of HudBay Minerals in the fourth quarter valued at approximately $993,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HBM. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, July 30th. Barclays raised their price target on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Finally, Bank of America decreased their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, HudBay Minerals has an average rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Price Performance

Shares of HBM stock opened at $29.60 on Tuesday. The business has a fifty day simple moving average of $24.47 and a 200 day simple moving average of $24.45. The company has a market cap of $13.15 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.46 and a beta of 1.48. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. HudBay Minerals Inc has a twelve month low of $11.48 and a twelve month high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company had revenue of $631.30 million for the quarter, compared to analyst estimates of $632.43 million. During the same period in the previous year, the firm posted $0.19 EPS. The firm’s revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts forecast that HudBay Minerals Inc will post 1.58 EPS for the current fiscal year.

HudBay Minerals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio is presently 1.18%.

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.