Norges Bank Takes $50.26 Million Position in Hudbay Minerals Inc. (NYSE:HBM)

Norges Bank acquired a new stake in shares of Hudbay Minerals Inc. (NYSE:HBM - Free Report) TSE: HBM in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,204,757 shares of the mining company's stock, valued at approximately $50,260,000. Norges Bank owned about 1.57% of Hudbay Minerals as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Sprott Inc. raised its holdings in shares of Hudbay Minerals by 3.5% during the fourth quarter. Sprott Inc. now owns 63,662 shares of the mining company's stock valued at $516,000 after acquiring an additional 2,162 shares during the period. FMR LLC raised 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 purchasing an additional 2,624 shares during the period. Oliver Luxxe Assets LLC boosted its position in shares of Hudbay Minerals by 2.5% in the fourth quarter. Oliver Luxxe Assets LLC now owns 132,498 shares of the mining company's stock worth $1,073,000 after buying an additional 3,282 shares during the period. Strong Tower Advisory Services grew its holdings in shares of Hudbay Minerals by 5.5% during the fourth quarter. Strong Tower Advisory Services now owns 65,230 shares of the mining company's stock valued at $528,000 after buying an additional 3,388 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. raised its position in Hudbay Minerals by 2.0% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 201,152 shares of the mining company's stock valued at $1,629,000 after buying an additional 3,863 shares during the period. 57.82% of the stock is owned by institutional investors.

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Hudbay Minerals Stock Up 13.8 %

Shares of HBM traded up $0.84 during mid-day trading on Wednesday, hitting $6.93. 14,102,810 shares of the company's stock were exchanged, compared to its average volume of 4,538,187. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 38.50 and a beta of 1.62. The firm has a fifty day moving average of $7.76 and a two-hundred day moving average of $8.48. 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 twelve month low of $5.95 and a twelve month high of $10.49.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its earnings results on Wednesday, February 19th. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.02). Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The business had revenue of $584.90 million for the quarter, compared to analyst estimates of $588.28 million. During the same period in the previous year, the company earned $0.20 earnings per share. The company's quarterly revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts forecast that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

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

Analyst Ratings Changes

HBM has been the topic of a number of research reports. Stifel Canada upgraded Hudbay Minerals to a "strong-buy" rating in a report on Wednesday, March 19th. StockNews.com upgraded shares of Hudbay Minerals from a "hold" rating to a "buy" rating in a report on Friday, February 7th. Finally, Desjardins started coverage on Hudbay Minerals in a report on Friday, April 4th. They set a "buy" rating for the company. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $11.50.

Hudbay Minerals Company 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.