Van ECK Associates Corp Acquires 20,393 Shares of Hudbay Minerals Inc. (NYSE:HBM)

Van ECK Associates Corp grew its holdings in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 114.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,240 shares of the mining company’s stock after buying an additional 20,393 shares during the quarter. Van ECK Associates Corp’s holdings in Hudbay Minerals were worth $254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in HBM. FMR LLC bought a new position in shares of Hudbay Minerals during the first quarter valued at approximately $880,000. Dimensional Fund Advisors LP grew its stake in Hudbay Minerals by 36.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 383,864 shares of the mining company’s stock worth $2,687,000 after purchasing an additional 102,589 shares in the last quarter. Swiss National Bank grew its stake in Hudbay Minerals by 0.5% in the first quarter. Swiss National Bank now owns 538,400 shares of the mining company’s stock worth $3,683,000 after purchasing an additional 2,500 shares in the last quarter. BlackRock Inc. bought a new position in Hudbay Minerals in the first quarter worth approximately $91,000. Finally, Acadian Asset Management LLC grew its stake in Hudbay Minerals by 51.5% in the first quarter. Acadian Asset Management LLC now owns 5,689,101 shares of the mining company’s stock worth $38,928,000 after purchasing an additional 1,933,967 shares in the last quarter. 65.50% of the stock is currently owned by hedge funds and other institutional investors.

HBM opened at $5.89 on Friday. Hudbay Minerals Inc. has a 52-week low of $3.85 and a 52-week high of $9.60. The company has a quick ratio of 1.15, a current ratio of 1.50 and a debt-to-equity ratio of 0.73. The company has a market cap of $1.54 billion, a P/E ratio of -19.63, a price-to-earnings-growth ratio of 1.55 and a beta of 2.40. The firm’s 50-day moving average price is $6.27 and its 200-day moving average price is $6.92.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Monday, August 9th. The mining company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.07). Hudbay Minerals had a negative net margin of 5.90% and a negative return on equity of 3.13%. The company had revenue of $404.24 million for the quarter, compared to analyst estimates of $416.66 million. During the same quarter last year, the company earned ($0.15) EPS. The business’s revenue was up 93.5% compared to the same quarter last year. On average, research analysts anticipate that Hudbay Minerals Inc. will post 0.18 EPS for the current fiscal year.

The business also recently disclosed a semi-annual dividend, which was paid on Friday, September 24th. Stockholders of record on Friday, September 3rd were issued a dividend of $0.0079 per share. The ex-dividend date was Thursday, September 2nd. This represents a dividend yield of 0.2%. Hudbay Minerals’s dividend payout ratio (DPR) is currently -4.35%.

Several brokerages recently issued reports on HBM. Zacks Investment Research cut Hudbay Minerals from a “hold” rating to a “sell” rating in a research note on Tuesday. Raymond James increased their price objective on Hudbay Minerals from C$13.00 to C$14.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 9th. Credit Suisse Group dropped their price objective on Hudbay Minerals from C$13.00 to C$11.50 and set an “outperform” rating on the stock in a research note on Wednesday, August 25th. National Bank Financial upgraded Hudbay Minerals from a “sector perform” rating to an “outperform” rating and cut their price target for the company from $14.00 to $12.50 in a report on Friday, September 10th. Finally, Canaccord Genuity upped their price objective on Hudbay Minerals from C$12.00 to C$13.00 and gave the stock a “buy” rating in a research note on Thursday, July 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $12.33.

Hudbay Minerals Company Profile

HudBay Minerals, Inc operates as a mining company. The firm engages in the production of copper concentrate, molybdenum concentrate and zinc metal. It focuses on the discovery, production and marketing of base and precious metals. The company was founded on January 16, 1996 and is headquartered in Toronto, Canada.

Further Reading: Capital Gains

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Institutional Ownership by Quarter for Hudbay Minerals (NYSE:HBM)

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