Amova Asset Management Americas Inc. Cuts Holdings in HudBay Minerals Inc $HBM

Amova Asset Management Americas Inc. reduced its position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 33.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,761 shares of the mining company’s stock after selling 31,158 shares during the quarter. Amova Asset Management Americas Inc.’s holdings in HudBay Minerals were worth $1,270,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of HBM. Affinity Wealth Management LLC acquired a new position in shares of HudBay Minerals during the 4th quarter worth approximately $3,857,000. Artemis Investment Management LLP grew its stake in HudBay Minerals by 15.6% in the 4th quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock valued at $113,355,000 after acquiring an additional 770,172 shares during the period. Goehring & Rozencwajg Associates LLC increased its holdings in HudBay Minerals by 6.6% in the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock worth $16,380,000 after acquiring an additional 51,387 shares in the last quarter. Maxi Investments CY Ltd purchased a new stake in HudBay Minerals in the 4th quarter worth $993,000. Finally, Louisbourg Investments Inc. acquired a new position in HudBay Minerals during the fourth quarter worth $5,247,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Monday. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Finally, Bank of America lowered their price objective on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, HudBay Minerals has an average rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Trading Up 10.1%

Shares of HBM stock opened at $22.95 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 1.20 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 company’s 50-day moving average price is $25.09 and its 200-day moving average price is $24.07. The stock has a market cap of $10.19 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 0.31 and a beta of 1.48.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to analysts’ expectations of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. HudBay Minerals’s revenue was up 27.3% compared to the same quarter last year. During the same period last year, the business earned $0.24 earnings per share. As a group, equities analysts predict that HudBay Minerals Inc will post 1.61 earnings per share for the current year.

HudBay Minerals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th were paid a dividend of $0.01 per share. 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 1.81%.

About HudBay Minerals

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.