Jennison Associates LLC Sells 93,671 Shares of HudBay Minerals Inc $HBM

Jennison Associates LLC trimmed its stake in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 37.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 155,674 shares of the mining company’s stock after selling 93,671 shares during the period. Jennison Associates LLC’s holdings in HudBay Minerals were worth $3,254,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. FIL Ltd increased its holdings in shares of HudBay Minerals by 202.0% in the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock worth $658,010,000 after purchasing an additional 22,169,339 shares during the last quarter. Invesco Ltd. boosted its stake in HudBay Minerals by 0.4% during the third quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after buying an additional 46,948 shares during the last quarter. Mackenzie Financial Corp boosted its stake in HudBay Minerals by 116.1% during the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after buying an additional 5,468,109 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in HudBay Minerals by 15.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock valued at $187,743,000 after buying an additional 1,293,023 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in HudBay Minerals by 79.2% during the 4th quarter. Bank of Nova Scotia now owns 7,659,783 shares of the mining company’s stock valued at $152,047,000 after buying an additional 3,386,399 shares in the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Analyst Upgrades and Downgrades

HBM has been the topic of several recent research reports. Weiss Ratings raised HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Monday. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Finally, Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, HudBay Minerals presently has an average rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Trading Up 10.1%

HBM stock opened at $22.95 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.36 and a debt-to-equity ratio of 0.14. HudBay Minerals Inc has a twelve month low of $8.93 and a twelve month high of $32.15. The stock has a market capitalization of $10.19 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 0.31 and a beta of 1.48. The firm’s fifty day simple moving average is $25.09 and its two-hundred day simple moving average is $24.07.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. The business had revenue of $757.30 million for the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The business’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 earnings per share. As a group, analysts anticipate that HudBay Minerals Inc will post 1.61 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th were paid a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $0.04 annualized dividend and a yield of 0.2%. HudBay Minerals’s dividend payout ratio (DPR) is presently 1.81%.

HudBay Minerals 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.