Hancock Prospecting Pty Ltd Makes New Investment in HudBay Minerals Inc $HBM

Hancock Prospecting Pty Ltd acquired a new stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the second quarter, HoldingsChannel reports. The firm acquired 14,535,729 shares of the mining company’s stock, valued at approximately $154,359,000. HudBay Minerals comprises about 4.9% of Hancock Prospecting Pty Ltd’s investment portfolio, making the stock its 8th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in HBM. Jones Financial Companies Lllp lifted its stake in HudBay Minerals by 131.6% during the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after purchasing an additional 3,733 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in HudBay Minerals during the second quarter worth approximately $84,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of HudBay Minerals during the 2nd quarter worth approximately $116,000. Savvy Advisors Inc. acquired a new position in shares of HudBay Minerals in the 2nd quarter valued at $141,000. Finally, Clear Harbor Asset Management LLC grew its position in shares of HudBay Minerals by 66.0% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 16,600 shares of the mining company’s stock valued at $176,000 after buying an additional 6,600 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of HudBay Minerals in a research note on Wednesday, October 8th. Bank of America raised their price target on HudBay Minerals from $16.50 to $19.50 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Friday, October 10th. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, October 28th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $19.50.

HudBay Minerals Stock Up 0.2%

HBM opened at $18.66 on Friday. The business has a 50 day moving average price of $16.38 and a two-hundred day moving average price of $12.93. HudBay Minerals Inc has a 52 week low of $5.95 and a 52 week high of $19.07. The company has a market cap of $7.39 billion, a PE ratio of 16.08 and a beta of 1.39. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, November 12th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. The company had revenue of $346.80 million during the quarter, compared to analyst estimates of $538.16 million. During the same period in the previous year, the firm posted $0.13 EPS. The company’s revenue for the quarter was down 28.6% on a year-over-year basis. As a group, research analysts anticipate that HudBay Minerals Inc will post 0.79 EPS for the current year.

HudBay Minerals Company Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.