The Manufacturers Life Insurance Company Acquires Shares of 3,884,081 HudBay Minerals Inc $HBM

The Manufacturers Life Insurance Company bought a new position in HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,884,081 shares of the mining company’s stock, valued at approximately $91,577,000. The Manufacturers Life Insurance Company owned approximately 0.87% of HudBay Minerals at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. FIL Ltd boosted its position in HudBay Minerals by 202.0% in the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after buying an additional 22,169,339 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of HudBay Minerals during the third quarter worth approximately $123,736,000. Mackenzie Financial Corp increased its holdings in shares of HudBay Minerals by 116.1% during the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after buying an additional 5,468,109 shares in the last quarter. Norges Bank bought a new position in shares of HudBay Minerals in the fourth quarter valued at approximately $105,315,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of HudBay Minerals by 144.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after acquiring an additional 4,299,428 shares in the last quarter. Institutional investors own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on HBM. Barclays increased their price target on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup restated a “positive” rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Bank of America lowered their target price on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research note on Thursday, July 9th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Thursday, July 30th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, HudBay Minerals presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Price Performance

HBM opened at $30.79 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93. The stock has a market capitalization of $13.68 billion, a P/E ratio of 18.11, a price-to-earnings-growth ratio of 0.45 and a beta of 1.48. The company’s 50 day simple moving average is $24.50 and its 200-day simple moving average is $24.48. HudBay Minerals Inc has a one year low of $11.48 and a one year high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The firm had revenue of $631.30 million during the quarter, compared to analysts’ expectations of $632.43 million. During the same quarter in the previous year, the company posted $0.19 EPS. HudBay Minerals’s revenue was up 17.7% on a year-over-year basis. Sell-side analysts anticipate that HudBay Minerals Inc will post 1.58 earnings per share for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be given a dividend of $0.01 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. HudBay Minerals’s payout ratio is presently 1.76%.

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.