Meritage Portfolio Management Buys New Shares in Hudbay Minerals Inc. (NYSE:HBM)

Meritage Portfolio Management purchased a new stake in Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) in the third quarter, HoldingsChannel reports. The fund purchased 733,759 shares of the mining company’s stock, valued at approximately $6,743,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC bought a new stake in shares of Hudbay Minerals in the third quarter valued at about $53,000. Clear Harbor Asset Management LLC bought a new stake in shares of Hudbay Minerals in the 3rd quarter worth approximately $92,000. Ritholtz Wealth Management acquired a new stake in shares of Hudbay Minerals during the 2nd quarter worth approximately $96,000. Armistice Capital LLC bought a new stake in shares of Hudbay Minerals during the second quarter valued at approximately $97,000. Finally, Liontrust Investment Partners LLP acquired a new position in shares of Hudbay Minerals in the second quarter valued at $100,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Hudbay Minerals Price Performance

Shares of NYSE:HBM traded down $0.37 during trading on Friday, reaching $9.35. The stock had a trading volume of 4,303,936 shares, compared to its average volume of 2,425,701. The stock has a market capitalization of $3.68 billion, a PE ratio of 40.65 and a beta of 1.78. Hudbay Minerals Inc. has a 52 week low of $3.94 and a 52 week high of $10.49. The business’s 50-day moving average price is $8.67 and its 200 day moving average price is $8.67. 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 Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which was paid on Friday, September 20th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.007 per share. This represents a dividend yield of 0.2%. The ex-dividend date was Tuesday, September 3rd. Hudbay Minerals’s payout ratio is presently 4.35%.

Wall Street Analysts Forecast Growth

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

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.