Bank of Nova Scotia Purchases 3,712,572 Shares of HudBay Minerals Inc $HBM

Bank of Nova Scotia grew its position in shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) by 662.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,273,384 shares of the mining company’s stock after acquiring an additional 3,712,572 shares during the quarter. Bank of Nova Scotia owned about 1.08% of HudBay Minerals worth $64,783,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in HudBay Minerals in the third quarter worth about $45,000. Banque Cantonale Vaudoise grew its position in shares of HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after buying an additional 2,655 shares in the last quarter. Kelleher Financial Advisors purchased a new position in HudBay Minerals during the third quarter valued at approximately $67,000. Jones Financial Companies Lllp grew its stake in HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after purchasing an additional 3,733 shares during the last quarter. Finally, Quadrant Capital Group LLC purchased a new position in HudBay Minerals in the third quarter worth $123,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HBM. Weiss Ratings upgraded HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. National Bank Financial cut shares of HudBay Minerals from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, January 28th. Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Zacks Research lowered HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Citigroup lifted their price target on shares of HudBay Minerals from $23.00 to $32.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, HudBay Minerals presently has a consensus rating of “Buy” and an average price target of $26.00.

HudBay Minerals Trading Down 5.2%

NYSE:HBM opened at $20.71 on Monday. HudBay Minerals Inc has a 1 year low of $5.95 and a 1 year high of $28.74. The stock has a market cap of $8.22 billion, a P/E ratio of 14.48, a P/E/G ratio of 0.28 and a beta of 1.27. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.78 and a current ratio of 0.95. The stock has a 50-day simple moving average of $24.38 and a 200-day simple moving average of $19.01.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced 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 return on equity of 8.91% and a net margin of 25.71%.HudBay Minerals’s revenue was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. As a group, analysts anticipate that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, March 27th. Shareholders of record on Tuesday, March 10th will be given a dividend of $0.01 per share. The ex-dividend date is Tuesday, March 10th. This represents a yield of 9.0%. HudBay Minerals’s dividend payout ratio is presently 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.