Investment Management Corp of Ontario Reduces Position in Hudbay Minerals Inc. (NYSE:HBM)

Investment Management Corp of Ontario cut its stake in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 6.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 17,447 shares of the mining company’s stock after selling 1,200 shares during the quarter. Investment Management Corp of Ontario’s holdings in Hudbay Minerals were worth $160,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Prospera Private Wealth LLC purchased a new position in shares of Hudbay Minerals during the 3rd quarter valued at about $28,000. Exchange Traded Concepts LLC bought a new position in shares of Hudbay Minerals in the third quarter worth approximately $53,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Hudbay Minerals in the third quarter worth $92,000. Ritholtz Wealth Management bought a new stake in shares of Hudbay Minerals during the 2nd quarter valued at $96,000. Finally, Armistice Capital LLC purchased a new position in shares of Hudbay Minerals during the 2nd quarter valued at $97,000. Institutional investors own 57.82% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on HBM. StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Jefferies Financial Group raised Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Hudbay Minerals presently has an average rating of “Buy” and a consensus price target of $11.17.

Hudbay Minerals Stock Down 2.4 %

HBM opened at $8.84 on Monday. The company has a market capitalization of $3.48 billion, a PE ratio of 38.43 and a beta of 1.77. The firm has a 50-day simple moving average of $9.12 and a two-hundred day simple moving average of $8.65. 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 52 week low of $4.66 and a 52 week high of $10.49.

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

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.