Verition Fund Management LLC Acquires 1,334,969 Shares of Hudbay Minerals Inc. (NYSE:HBM)

Verition Fund Management LLC boosted its holdings in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 106.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,585,032 shares of the mining company’s stock after purchasing an additional 1,334,969 shares during the quarter. Verition Fund Management LLC owned about 0.66% of Hudbay Minerals worth $23,756,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Northwest & Ethical Investments L.P. lifted its holdings in shares of Hudbay Minerals by 0.8% during the third quarter. Northwest & Ethical Investments L.P. now owns 197,289 shares of the mining company’s stock worth $1,815,000 after buying an additional 1,487 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Hudbay Minerals by 20.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 89,804 shares of the mining company’s stock valued at $827,000 after purchasing an additional 15,258 shares during the last quarter. Bridgewater Associates LP boosted its holdings in Hudbay Minerals by 124.2% in the 3rd quarter. Bridgewater Associates LP now owns 764,988 shares of the mining company’s stock valued at $7,044,000 after purchasing an additional 423,748 shares during the period. FMR LLC grew its position in Hudbay Minerals by 0.7% in the 3rd quarter. FMR LLC now owns 354,392 shares of the mining company’s stock worth $3,260,000 after purchasing an additional 2,624 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Hudbay Minerals by 9.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,346,659 shares of the mining company’s stock worth $12,395,000 after purchasing an additional 117,275 shares during the period. Institutional investors and hedge funds own 57.82% of the company’s stock.

Hudbay Minerals Stock Performance

NYSE:HBM opened at $8.77 on Friday. The firm has a market capitalization of $3.45 billion, a PE ratio of 38.13 and a beta of 1.78. The company has a quick ratio of 1.47, a current ratio of 1.86 and a debt-to-equity ratio of 0.44. Hudbay Minerals Inc. has a 12-month low of $4.34 and a 12-month high of $10.49. The firm has a 50-day moving average price of $9.08 and a 200 day moving average price of $8.70.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last issued its earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. The business had revenue of $485.80 million during the quarter, compared to analysts’ expectations of $454.47 million. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. Hudbay Minerals’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 EPS. Research analysts anticipate that Hudbay Minerals Inc. will post 0.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HBM has been the subject of several research reports. Jefferies Financial Group upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, November 15th. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $11.17.

About Hudbay Minerals

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.