Franklin Resources Inc. Sells 214,396 Shares of Hudbay Minerals Inc. (NYSE:HBM)

Franklin Resources Inc. reduced its position in Hudbay Minerals Inc. (NYSE:HBM - Free Report) TSE: HBM by 44.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 266,050 shares of the mining company's stock after selling 214,396 shares during the period. Franklin Resources Inc. owned approximately 0.07% of Hudbay Minerals worth $2,454,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Cinctive Capital Management LP increased its holdings in Hudbay Minerals by 39.7% during the 3rd quarter. Cinctive Capital Management LP now owns 410,669 shares of the mining company's stock worth $3,777,000 after purchasing an additional 116,732 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Hudbay Minerals by 23.1% during the third quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company's stock valued at $71,308,000 after buying an additional 1,441,991 shares during the last quarter. Toronto Dominion Bank grew its holdings in Hudbay Minerals by 300.9% during the third quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company's stock worth $2,085,000 after buying an additional 170,257 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in Hudbay Minerals in the 3rd quarter valued at $20,907,000. Finally, Driehaus Capital Management LLC bought a new position in Hudbay Minerals during the 2nd quarter valued at $14,718,000. Institutional investors and hedge funds own 57.82% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Hudbay Minerals from a "hold" rating to a "buy" rating in a research note on Friday, November 15th. Five research 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, the company has an average rating of "Buy" and a consensus target price of $11.17.

Hudbay Minerals Stock Performance

Hudbay Minerals stock traded down $0.08 during mid-day trading on Friday, reaching $8.20. 5,592,954 shares of the company's stock were exchanged, compared to its average volume of 3,182,007. The business's fifty day simple moving average is $8.91 and its 200 day simple moving average is $8.56. 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 one year low of $4.94 and a one year high of $10.49. The firm has a market capitalization of $3.23 billion, a PE ratio of 35.65 and a beta of 1.77.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its earnings results on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.09. The company had revenue of $485.80 million for 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%. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 EPS. On average, sell-side analysts expect that Hudbay Minerals Inc. will post 0.55 earnings per share for the current year.

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.