Glazer Capital LLC Invests $83.75 Million in HudBay Minerals Inc $HBM

Glazer Capital LLC acquired a new position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 3,550,164 shares of the mining company’s stock, valued at approximately $83,752,000. HudBay Minerals comprises approximately 2.1% of Glazer Capital LLC’s holdings, making the stock its 7th biggest position.

Other institutional investors have also recently bought and sold shares of the company. FIL Ltd grew its stake in HudBay Minerals by 202.0% in the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after purchasing an additional 22,169,339 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in HudBay Minerals in the 3rd quarter worth about $123,736,000. Mackenzie Financial Corp raised its stake in shares of HudBay Minerals by 116.1% during the 4th quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after purchasing an additional 5,468,109 shares in the last quarter. Norges Bank purchased a new stake in shares of HudBay Minerals during the 4th quarter worth about $105,315,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of HudBay Minerals by 144.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock valued at $55,264,000 after buying an additional 4,299,428 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

HudBay Minerals Stock Up 1.3%

HBM stock opened at $30.39 on Friday. The stock has a market capitalization of $13.50 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 0.46 and a beta of 1.48. The company has a 50-day moving average of $24.59 and a two-hundred day moving average of $24.57. HudBay Minerals Inc has a 52-week low of $11.56 and a 52-week high of $32.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The business 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 company posted $0.19 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts anticipate that HudBay Minerals Inc will post 1.58 EPS for the current year.

HudBay Minerals Announces Dividend

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 $0.01 dividend. 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 dividend payout ratio (DPR) is 1.18%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Weiss Ratings downgraded HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Bank of America reduced their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research note on Thursday, July 9th. Barclays boosted their target price on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Citigroup restated a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, HudBay Minerals has an average rating of “Moderate Buy” and a consensus target price of $31.33.

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.