HudBay Minerals Inc $HBM Shares Sold by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. lowered its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 11.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 6,790,925 shares of the mining company’s stock after selling 838,046 shares during the period. HudBay Minerals comprises about 0.5% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 26th largest holding. EdgePoint Investment Group Inc.’s holdings in HudBay Minerals were worth $72,107,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of HBM. Engineers Gate Manager LP acquired a new stake in HudBay Minerals during the second quarter worth about $545,000. Cubist Systematic Strategies LLC purchased a new stake in HudBay Minerals in the 2nd quarter worth approximately $21,698,000. BNP Paribas Financial Markets grew its stake in shares of HudBay Minerals by 158.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,030,500 shares of the mining company’s stock worth $10,934,000 after purchasing an additional 632,376 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of HudBay Minerals by 7.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 239,680 shares of the mining company’s stock valued at $2,545,000 after purchasing an additional 17,287 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in shares of HudBay Minerals by 2,021.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 811,070 shares of the mining company’s stock valued at $8,605,000 after purchasing an additional 772,843 shares in the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

HudBay Minerals Stock Up 0.2%

Shares of NYSE HBM opened at $18.66 on Friday. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 16.08 and a beta of 1.39. The company’s 50-day simple moving average is $16.38 and its 200-day simple moving average is $12.93. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18. HudBay Minerals Inc has a 52-week low of $5.95 and a 52-week high of $19.07.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Wednesday, November 12th. The mining company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. The company had revenue of $346.80 million during the quarter, compared to analysts’ expectations of $538.16 million. During the same period in the prior year, the business posted $0.13 earnings per share. The company’s quarterly revenue was down 28.6% compared to the same quarter last year. Equities analysts predict that HudBay Minerals Inc will post 0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HBM. Zacks Research downgraded shares of HudBay Minerals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Raymond James Financial reissued an “outperform” rating on shares of HudBay Minerals in a research note on Friday, October 10th. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, October 28th. Bank of America lifted their price target on HudBay Minerals from $16.50 to $19.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Finally, Wall Street Zen downgraded HudBay Minerals from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, HudBay Minerals has a consensus rating of “Buy” and a consensus price target of $19.50.

HudBay Minerals Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.