Bornite Capital Management LP Purchases Shares of 2,132,700 HudBay Minerals Inc $HBM

Bornite Capital Management LP acquired a new stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,132,700 shares of the mining company’s stock, valued at approximately $50,353,000. HudBay Minerals accounts for 6.3% of Bornite Capital Management LP’s investment portfolio, making the stock its 6th largest holding. Bornite Capital Management LP owned approximately 0.48% of HudBay Minerals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. FIL Ltd increased its position in HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after buying an additional 22,169,339 shares in the last quarter. Invesco Ltd. raised its stake in HudBay Minerals by 0.4% during the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock worth $172,693,000 after buying an additional 46,948 shares during the period. Mackenzie Financial Corp boosted its holdings in HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after acquiring an additional 5,468,109 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in HudBay Minerals by 15.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock worth $187,743,000 after acquiring an additional 1,293,023 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in HudBay Minerals by 7.8% in the first quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company’s stock worth $172,526,000 after acquiring an additional 597,422 shares in the last quarter. Institutional investors own 57.82% of the company’s stock.

HudBay Minerals Stock Performance

Shares of HudBay Minerals stock opened at $26.96 on Wednesday. The company has a market cap of $11.97 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 0.43 and a beta of 1.54. HudBay Minerals Inc has a 52 week low of $11.62 and a 52 week high of $32.15. The business has a 50 day moving average price of $24.68 and a 200-day moving average price of $24.62. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 9.47% and a net margin of 27.48%.The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the company earned $0.19 earnings per share. Equities analysts anticipate that HudBay Minerals Inc will post 1.59 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Tuesday, September 8th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio is presently 1.76%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on HBM shares. Citigroup restated a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Wall Street Zen lowered shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Bank of America lowered their price objective on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Barclays raised their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, HudBay Minerals currently has a consensus rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Company 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.