Barometer Capital Management Inc. Acquires 24,350 Shares of HudBay Minerals Inc $HBM

Barometer Capital Management Inc. lifted its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 259.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,750 shares of the mining company’s stock after buying an additional 24,350 shares during the period. Barometer Capital Management Inc.’s holdings in HudBay Minerals were worth $705,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Waterfront Wealth Inc. increased its position in shares of HudBay Minerals by 1.0% in the fourth quarter. Waterfront Wealth Inc. now owns 39,451 shares of the mining company’s stock valued at $783,000 after acquiring an additional 399 shares during the last quarter. Strong Tower Advisory Services boosted its holdings in shares of HudBay Minerals by 0.6% in the 4th quarter. Strong Tower Advisory Services now owns 94,762 shares of the mining company’s stock valued at $1,881,000 after buying an additional 587 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of HudBay Minerals by 0.6% in the fourth quarter. Vontobel Holding Ltd. now owns 126,090 shares of the mining company’s stock valued at $2,503,000 after buying an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in HudBay Minerals by 25.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,933 shares of the mining company’s stock worth $98,000 after buying an additional 986 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in HudBay Minerals by 107.9% during the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after buying an additional 1,033 shares during the last quarter. Institutional investors own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on HBM shares. Bank of America dropped their price objective 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. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, June 25th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Barclays increased their price target 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, Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Price Performance

HudBay Minerals stock opened at $22.95 on Wednesday. The stock has a 50-day moving average price of $25.09 and a two-hundred day moving average price of $24.07. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14. HudBay Minerals Inc has a 12 month low of $8.93 and a 12 month high of $32.15. The company has a market capitalization of $10.19 billion, a PE ratio of 13.83, a P/E/G ratio of 0.31 and a beta of 1.48.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The firm had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. Analysts expect that HudBay Minerals Inc will post 1.61 EPS for the current year.

HudBay Minerals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, June 9th. HudBay Minerals’s dividend payout ratio is currently 1.81%.

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.