The Manufacturers Life Insurance Company Buys 302,697 Shares of Hudbay Minerals Inc. (NYSE:HBM)

The Manufacturers Life Insurance Company boosted its position in shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 32.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,229,384 shares of the mining company’s stock after purchasing an additional 302,697 shares during the period. The Manufacturers Life Insurance Company owned about 0.31% of Hudbay Minerals worth $11,109,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Register Financial Advisors LLC bought a new position in Hudbay Minerals in the 1st quarter worth about $35,000. Banque Cantonale Vaudoise grew its stake in shares of Hudbay Minerals by 38.7% during the first quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock worth $45,000 after acquiring an additional 1,806 shares during the last quarter. Ritholtz Wealth Management acquired a new position in Hudbay Minerals during the 2nd quarter valued at approximately $96,000. Armistice Capital LLC acquired a new position in shares of Hudbay Minerals in the 2nd quarter valued at $97,000. Finally, Liontrust Investment Partners LLP acquired a new stake in shares of Hudbay Minerals during the second quarter worth about $100,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Hudbay Minerals Stock Performance

Shares of HBM opened at $9.21 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.86 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average price of $7.83 and a 200 day moving average price of $8.30. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 39.91 and a beta of 1.77. Hudbay Minerals Inc. has a 52-week low of $3.94 and a 52-week high of $10.49.

Hudbay Minerals Cuts Dividend

The firm also recently declared a Semi-Annual dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 3rd were given a $0.007 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a yield of 0.2%. Hudbay Minerals’s dividend payout ratio (DPR) is 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.