Pinnacle Associates Ltd. Buys Shares of 23,363 HudBay Minerals Inc $HBM

Pinnacle Associates Ltd. bought a new stake in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) during the third quarter, Holdings Channel reports. The institutional investor bought 23,363 shares of the mining company’s stock, valued at approximately $354,000.

A number of other institutional investors also recently modified their holdings of HBM. Jones Financial Companies Lllp increased its stake in shares of HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after acquiring an additional 3,733 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in 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 valued at $55,264,000 after purchasing an additional 4,299,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in HudBay Minerals by 6.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock worth $3,337,000 after purchasing an additional 27,944 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of HudBay Minerals by 45.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 51,581 shares of the mining company’s stock worth $547,000 after purchasing an additional 16,149 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of HudBay Minerals during the 2nd quarter worth about $19,909,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on HBM shares. Royal Bank Of Canada reissued an “outperform” rating on shares of HudBay Minerals in a research report on Monday, November 17th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, January 15th. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Wednesday, January 14th. Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of HudBay Minerals in a research note on Sunday, December 7th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $26.00.

HudBay Minerals Stock Performance

Shares of HudBay Minerals stock opened at $21.83 on Friday. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 0.31 and a beta of 1.27. HudBay Minerals Inc has a one year low of $5.95 and a one year high of $28.74. The stock’s 50-day moving average is $24.37 and its 200-day moving average is $18.84. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.95 and a quick ratio of 0.78.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Friday, February 20th. The mining company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.18). The company had revenue of $732.90 million for the quarter, compared to analyst estimates of $730.13 million. HudBay Minerals had a net margin of 25.71% and a return on equity of 8.91%. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same period last year, the company posted $0.18 earnings per share. Equities analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, March 27th. Investors of record on Tuesday, March 10th will be paid a $0.01 dividend. This represents a dividend yield of 9.0%. The ex-dividend date is Tuesday, March 10th. HudBay Minerals’s payout ratio is 0.70%.

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.