Persistent Asset Partners Ltd Takes $1.39 Million Position in HudBay Minerals Inc $HBM

Persistent Asset Partners Ltd purchased a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 58,997 shares of the mining company’s stock, valued at approximately $1,391,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in HudBay Minerals by 107.9% in the third 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 in the last quarter. Quarry LP bought a new stake in shares of HudBay Minerals during the 3rd quarter valued at $38,000. IFP Advisors Inc bought a new stake in shares of HudBay Minerals during the 3rd quarter valued at $45,000. Banque Cantonale Vaudoise grew its position in shares of HudBay Minerals by 513.5% in the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after buying an additional 2,655 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in shares of HudBay Minerals in the 4th quarter worth about $71,000. 57.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on HBM shares. Barclays lifted their price target on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Citigroup reiterated a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Price Performance

Shares of NYSE:HBM opened at $26.65 on Monday. The business has a fifty day moving average price of $24.27 and a 200-day moving average price of $24.34. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93. The company has a market capitalization of $11.83 billion, a PE ratio of 15.67, a PEG ratio of 0.41 and a beta of 1.48. HudBay Minerals Inc has a 1-year low of $10.72 and a 1-year 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, topping analysts’ consensus estimates 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 analysts’ expectations of $632.43 million. During the same quarter in the previous year, the business posted $0.19 EPS. HudBay Minerals’s revenue was up 17.7% compared to the same quarter last year. As a group, equities analysts expect that HudBay Minerals Inc will post 1.58 EPS for the current fiscal year.

HudBay Minerals Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio is currently 1.76%.

HudBay Minerals 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.