Alberta Investment Management Corp Boosts Holdings in HudBay Minerals Inc $HBM

Alberta Investment Management Corp raised its holdings in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 14.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 396,500 shares of the mining company’s stock after buying an additional 51,100 shares during the period. Alberta Investment Management Corp’s holdings in HudBay Minerals were worth $7,872,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of HudBay Minerals during the 3rd quarter worth $123,736,000. Norges Bank purchased a new position in HudBay Minerals during the fourth quarter valued at approximately $105,315,000. Goldman Sachs Group Inc. boosted its position in shares of HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after purchasing an additional 4,299,428 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of HudBay Minerals by 145.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,502,180 shares of the mining company’s stock worth $98,466,000 after purchasing an additional 3,851,771 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in shares of HudBay Minerals by 662.0% in the third quarter. Bank of Nova Scotia now owns 4,273,384 shares of the mining company’s stock worth $64,783,000 after purchasing an additional 3,712,572 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

HudBay Minerals Trading Up 1.2%

Shares of HBM opened at $29.10 on Wednesday. The stock has a market capitalization of $11.56 billion, a PE ratio of 17.53, a P/E/G ratio of 0.33 and a beta of 1.43. The company’s fifty day moving average is $25.56 and its 200 day moving average is $23.24. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. HudBay Minerals Inc has a fifty-two week low of $8.93 and a fifty-two week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The business had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. During the same quarter last year, the business earned $0.24 earnings per share. HudBay Minerals’s quarterly revenue was up 27.3% compared to the same quarter last year. Sell-side analysts expect that HudBay Minerals Inc will post 1.66 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, June 9th. HudBay Minerals’s payout ratio is presently 1.81%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on HBM. Zacks Research lowered HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Wall Street Zen upgraded HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Barclays initiated coverage on shares of HudBay Minerals in a report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price objective for the company. Weiss Ratings cut shares of HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, HudBay Minerals presently has an average rating of “Buy” and an average price target of $27.33.

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.