Bank of Nova Scotia Has $113.57 Million Stock Holdings in HudBay Minerals Inc $HBM

Bank of Nova Scotia trimmed its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 29.1% in the first quarter, HoldingsChannel reports. The firm owned 5,433,750 shares of the mining company’s stock after selling 2,226,033 shares during the quarter. Bank of Nova Scotia’s holdings in HudBay Minerals were worth $113,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of HBM. Affinity Wealth Management LLC purchased a new position in HudBay Minerals during the 4th quarter valued at about $3,857,000. Artemis Investment Management LLP increased its stake in HudBay Minerals by 15.6% during the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock worth $113,355,000 after purchasing an additional 770,172 shares during the period. Goehring & Rozencwajg Associates LLC increased its stake in HudBay Minerals by 6.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock worth $16,380,000 after purchasing an additional 51,387 shares during the period. Maxi Investments CY Ltd acquired a new stake in shares of HudBay Minerals during the fourth quarter worth about $993,000. Finally, Louisbourg Investments Inc. acquired a new stake in shares of HudBay Minerals during the fourth quarter worth about $5,247,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HBM has been the subject of a number of research reports. Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a report on Thursday, June 25th. Weiss Ratings raised shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 29th. Bank of America decreased their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Finally, Barclays boosted their price target on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Stock Performance

NYSE:HBM opened at $22.63 on Friday. The firm has a market capitalization of $10.05 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. The business’s fifty day moving average price is $24.91 and its 200 day moving average price is $24.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. HudBay Minerals Inc has a 12 month low of $8.93 and a 12 month high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The company had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.HudBay Minerals’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 EPS. On average, sell-side analysts anticipate that HudBay Minerals Inc will post 1.6 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

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

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.