Hudbay Minerals Inc. (NYSE:HBM) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lessened its holdings in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 2.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 716,678 shares of the mining company’s stock after selling 17,081 shares during the quarter. Meritage Portfolio Management’s holdings in Hudbay Minerals were worth $5,805,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Mountaineer Partners Management LLC lifted its position in Hudbay Minerals by 792.5% during the third quarter. Mountaineer Partners Management LLC now owns 10,323,605 shares of the mining company’s stock worth $94,874,000 after buying an additional 9,166,952 shares during the period. Artemis Investment Management LLP acquired a new position in shares of Hudbay Minerals during the 3rd quarter valued at about $20,907,000. Bank of Montreal Can lifted its holdings in shares of Hudbay Minerals by 23.1% during the 3rd quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company’s stock worth $71,308,000 after acquiring an additional 1,441,991 shares during the period. Verition Fund Management LLC boosted its position in shares of Hudbay Minerals by 106.8% in the third quarter. Verition Fund Management LLC now owns 2,585,032 shares of the mining company’s stock worth $23,756,000 after acquiring an additional 1,334,969 shares during the last quarter. Finally, Donald Smith & CO. Inc. grew its holdings in Hudbay Minerals by 31.9% in the third quarter. Donald Smith & CO. Inc. now owns 3,748,780 shares of the mining company’s stock valued at $34,451,000 after purchasing an additional 906,417 shares during the period. Institutional investors and hedge funds own 57.82% of the company’s stock.

Hudbay Minerals Stock Performance

Hudbay Minerals stock opened at $8.65 on Wednesday. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 37.62 and a beta of 1.74. Hudbay Minerals Inc. has a 12 month low of $4.94 and a 12 month high of $10.49. 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’s 50-day moving average is $8.57 and its 200-day moving average is $8.46.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted 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 firm had revenue of $485.80 million during the quarter, compared to the consensus estimate of $454.47 million. Hudbay Minerals had a net margin of 4.23% and a return on equity of 7.44%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. Equities analysts anticipate that Hudbay Minerals Inc. will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average 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.