Van ECK Associates Corp Raises Stock Position in Hudbay Minerals Inc. (NYSE:HBM)

Van ECK Associates Corp boosted its holdings in Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 58.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 449,668 shares of the mining company’s stock after buying an additional 165,682 shares during the period. Van ECK Associates Corp owned 0.11% of Hudbay Minerals worth $4,070,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Letko Brosseau & Associates Inc. increased its stake in Hudbay Minerals by 0.7% in the 4th quarter. Letko Brosseau & Associates Inc. now owns 16,569,958 shares of the mining company’s stock worth $91,609,000 after buying an additional 114,266 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Hudbay Minerals by 3.2% during the first quarter. Vanguard Group Inc. now owns 8,694,436 shares of the mining company’s stock valued at $60,861,000 after purchasing an additional 272,635 shares in the last quarter. Condire Management LP grew its position in shares of Hudbay Minerals by 4.2% during the first quarter. Condire Management LP now owns 4,226,553 shares of the mining company’s stock valued at $29,586,000 after purchasing an additional 169,310 shares in the last quarter. Jennison Associates LLC grew its position in shares of Hudbay Minerals by 92.7% during the first quarter. Jennison Associates LLC now owns 2,821,920 shares of the mining company’s stock valued at $19,757,000 after purchasing an additional 1,357,241 shares in the last quarter. Finally, Galibier Capital Management Ltd. grew its position in shares of Hudbay Minerals by 13.7% during the second quarter. Galibier Capital Management Ltd. now owns 2,046,150 shares of the mining company’s stock valued at $18,512,000 after purchasing an additional 247,002 shares in the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Hudbay Minerals Trading Down 0.7 %

HBM opened at $7.34 on Thursday. The firm has a market cap of $2.89 billion, a P/E ratio of 31.89 and a beta of 1.83. Hudbay Minerals Inc. has a 12 month low of $3.94 and a 12 month high of $10.49. The company has a current ratio of 1.86, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average of $8.22 and a 200 day moving average of $8.02.

Hudbay Minerals Cuts Dividend

The company also recently disclosed a Semi-Annual dividend, which will be paid on Friday, September 20th. Shareholders of record on Tuesday, September 3rd will be paid a $0.007 dividend. This represents a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 3rd. Hudbay Minerals’s payout ratio is currently 4.35%.

Analyst Upgrades and Downgrades

HBM has been the subject of a number of research analyst reports. National Bank Financial upgraded Hudbay Minerals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Stifel Canada upgraded Hudbay Minerals to a “strong-buy” rating in a research report on Monday, July 22nd. Jefferies Financial Group upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th. Finally, StockNews.com lowered Hudbay Minerals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $10.75.

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.