EdgePoint Investment Group Inc. Decreases Stock Holdings in HudBay Minerals Inc $HBM

EdgePoint Investment Group Inc. lowered its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 11.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,790,925 shares of the mining company’s stock after selling 838,046 shares during the quarter. HudBay Minerals comprises 0.5% of EdgePoint Investment Group Inc.’s holdings, making the stock its 26th largest holding. EdgePoint Investment Group Inc. owned 1.72% of HudBay Minerals worth $72,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in HBM. Jones Financial Companies Lllp boosted its holdings in shares of HudBay Minerals by 131.6% in the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after buying an additional 3,733 shares in the last quarter. Plato Investment Management Ltd bought a new position in shares of HudBay Minerals during the 2nd quarter worth approximately $84,000. Y Intercept Hong Kong Ltd purchased a new stake in HudBay Minerals during the second quarter valued at approximately $116,000. Savvy Advisors Inc. acquired a new stake in HudBay Minerals in the second quarter valued at approximately $141,000. Finally, Clear Harbor Asset Management LLC boosted its stake in HudBay Minerals by 66.0% in the second quarter. Clear Harbor Asset Management LLC now owns 16,600 shares of the mining company’s stock valued at $176,000 after acquiring an additional 6,600 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

HudBay Minerals Stock Performance

Shares of HBM stock opened at $18.66 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.97 and a quick ratio of 0.76. The business has a fifty day moving average of $16.38 and a 200 day moving average of $12.93. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 16.08 and a beta of 1.39. HudBay Minerals Inc has a 1 year low of $5.95 and a 1 year high of $19.07.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data 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 firm had revenue of $346.80 million during the quarter, compared to analyst estimates of $538.16 million. During the same period in the prior year, the company posted $0.13 earnings per share. The firm’s revenue for the quarter was down 28.6% on a year-over-year basis. As a group, research analysts expect that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

Analysts Set New Price Targets

HBM has been the topic of a number of recent analyst reports. Zacks Research downgraded HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 11th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, October 28th. Wall Street Zen cut HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Raymond James Financial reissued an “outperform” rating on shares of HudBay Minerals in a report on Friday, October 10th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, HudBay Minerals currently has an average rating of “Buy” and an average 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.