733,759 Shares in Hudbay Minerals Inc. (NYSE:HBM) Purchased by Meritage Portfolio Management

Meritage Portfolio Management bought a new position in shares of Hudbay Minerals Inc. (NYSE:HBM - Free Report) TSE: HBM during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 733,759 shares of the mining company's stock, valued at approximately $6,743,000. Meritage Portfolio Management owned 0.19% of Hudbay Minerals at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Regal Partners Ltd purchased a new stake in Hudbay Minerals during the second quarter valued at about $22,956,000. Artemis Investment Management LLP purchased a new position in shares of Hudbay Minerals during the third quarter worth approximately $20,907,000. TD Asset Management Inc lifted its holdings in shares of Hudbay Minerals by 199.4% in the 2nd quarter. TD Asset Management Inc now owns 2,906,301 shares of the mining company's stock worth $26,294,000 after acquiring an additional 1,935,709 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in Hudbay Minerals by 2,521.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,752,685 shares of the mining company's stock worth $15,861,000 after purchasing an additional 1,685,836 shares during the period. Finally, Driehaus Capital Management LLC bought a new stake in Hudbay Minerals in the second quarter worth $14,718,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HBM shares. StockNews.com downgraded Hudbay Minerals from a "buy" rating to a "hold" rating in a report on Tuesday, August 13th. Stifel Canada raised shares of Hudbay Minerals to a "strong-buy" rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group raised shares of Hudbay Minerals from a "hold" rating to a "buy" rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Hudbay Minerals presently has a consensus rating of "Buy" and an average target price of $11.17.

Hudbay Minerals Trading Down 3.8 %

Hudbay Minerals stock traded down $0.37 during mid-day trading on Friday, reaching $9.35. 4,303,936 shares of the company traded hands, compared to its average volume of 2,425,701. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.86 and a quick ratio of 1.49. Hudbay Minerals Inc. has a 52-week low of $3.94 and a 52-week high of $10.49. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 40.65 and a beta of 1.78. The firm's 50 day moving average price is $8.67 and its 200 day moving average price is $8.68.

Hudbay Minerals Cuts Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 3rd were given a dividend of $0.007 per share. This represents a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, September 3rd. Hudbay Minerals's dividend payout ratio is currently 4.35%.

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.