2,132,700 Shares in HudBay Minerals Inc $HBM Purchased by Bornite Capital Management LP

Bornite Capital Management LP acquired a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the second quarter, Holdings Channel reports. The fund acquired 2,132,700 shares of the mining company’s stock, valued at approximately $50,353,000. HudBay Minerals accounts for approximately 6.3% of Bornite Capital Management LP’s holdings, making the stock its 6th biggest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its position 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 buying an additional 3,733 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of HudBay Minerals by 144.2% in 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of HudBay Minerals by 6.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock valued at $3,337,000 after acquiring an additional 27,944 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of HudBay Minerals by 7.4% in the second quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company’s stock valued at $2,363,000 after acquiring an additional 15,235 shares in the last quarter. Finally, Creative Planning increased its position in shares of HudBay Minerals by 5.4% during the second quarter. Creative Planning now owns 25,067 shares of the mining company’s stock valued at $266,000 after acquiring an additional 1,289 shares during the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Analysts Set New Price Targets

HBM has been the topic of a number of recent analyst reports. Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Citigroup reaffirmed a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Weiss Ratings cut HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 13th. Finally, Bank of America lowered their target price on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, HudBay Minerals has an average rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Price Performance

HBM opened at $26.96 on Wednesday. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 0.43 and a beta of 1.54. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average price of $24.68 and a 200-day moving average price of $24.62. HudBay Minerals Inc has a twelve month low of $11.62 and a twelve month 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, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $631.30 million for the quarter, compared to analyst estimates of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Equities analysts expect that HudBay Minerals Inc will post 1.59 EPS for the current year.

HudBay Minerals Dividend Announcement

The firm 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 of this dividend is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a yield of 0.1%. HudBay Minerals’s payout ratio is presently 1.76%.

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.