Old West Investment Management LLC Cuts Stake in Hudbay Minerals Inc. (NYSE:HBM)

Old West Investment Management LLC reduced its position in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 33.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 150,000 shares of the mining company’s stock after selling 75,000 shares during the quarter. Old West Investment Management LLC’s holdings in Hudbay Minerals were worth $1,215,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pictet Asset Management Holding SA lifted its position in Hudbay Minerals by 2.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 66,380 shares of the mining company’s stock valued at $538,000 after acquiring an additional 1,278 shares in the last quarter. Sprott Inc. increased its holdings in Hudbay Minerals by 3.5% in the 4th quarter. Sprott Inc. now owns 63,662 shares of the mining company’s stock worth $516,000 after buying an additional 2,162 shares in the last quarter. FMR LLC lifted its stake in Hudbay Minerals by 0.7% during the 3rd quarter. FMR LLC now owns 354,392 shares of the mining company’s stock valued at $3,260,000 after acquiring an additional 2,624 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Hudbay Minerals by 3.9% during the 4th quarter. Alliancebernstein L.P. now owns 72,730 shares of the mining company’s stock valued at $589,000 after acquiring an additional 2,740 shares during the last quarter. Finally, Smith Moore & CO. raised its holdings in shares of Hudbay Minerals by 28.4% during the fourth quarter. Smith Moore & CO. now owns 13,716 shares of the mining company’s stock valued at $111,000 after purchasing an additional 3,032 shares during the last quarter. Institutional investors own 57.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on HBM shares. StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Stifel Canada raised Hudbay Minerals to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Desjardins initiated coverage on Hudbay Minerals in a research report on Friday. They set a “buy” rating for the company. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $11.50.

Hudbay Minerals Trading Down 11.5 %

Shares of Hudbay Minerals stock opened at $6.30 on Friday. Hudbay Minerals Inc. has a 1-year low of $6.04 and a 1-year high of $10.49. The company’s fifty day simple moving average is $7.94 and its 200-day simple moving average is $8.52. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The stock has a market capitalization of $2.49 billion, a PE ratio of 34.97 and a beta of 1.72.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, February 19th. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). The company had revenue of $584.90 million for the quarter, compared to analysts’ expectations of $588.28 million. Hudbay Minerals had a net margin of 3.80% and a return on equity of 7.29%. Hudbay Minerals’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.20 earnings per share. As a group, equities analysts anticipate that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 4th were paid a dividend of $0.007 per share. The ex-dividend date was Tuesday, March 4th. This is an increase from Hudbay Minerals’s previous semi-annual dividend of $0.01. This represents a dividend yield of 0.2%. Hudbay Minerals’s payout ratio is 5.56%.

Hudbay Minerals Profile

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.