Letko Brosseau & Associates Inc. Sells 6,871,100 Shares of Hudbay Minerals Inc. (NYSE:HBM)

Letko Brosseau & Associates Inc. reduced its stake in Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) by 41.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,591,158 shares of the mining company’s stock after selling 6,871,100 shares during the quarter. Hudbay Minerals makes up approximately 1.6% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 21st biggest position. Letko Brosseau & Associates Inc. owned approximately 2.44% of Hudbay Minerals worth $86,775,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Hudbay Minerals by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 8,694,436 shares of the mining company’s stock worth $60,861,000 after purchasing an additional 272,635 shares during the period. Condire Management LP increased its stake in Hudbay Minerals by 4.2% in the 1st quarter. Condire Management LP now owns 4,226,553 shares of the mining company’s stock worth $29,586,000 after buying an additional 169,310 shares in the last quarter. TD Asset Management Inc increased its stake in 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 buying an additional 1,935,709 shares in the last quarter. Jennison Associates LLC increased its stake in Hudbay Minerals by 92.7% in the 1st quarter. Jennison Associates LLC now owns 2,821,920 shares of the mining company’s stock worth $19,757,000 after buying an additional 1,357,241 shares in the last quarter. Finally, Regal Partners Ltd purchased a new stake in Hudbay Minerals in the 2nd quarter worth $22,956,000. 57.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Hudbay Minerals Price Performance

Shares of Hudbay Minerals stock traded down $0.42 during trading on Friday, reaching $6.80. 6,598,217 shares of the stock traded hands, compared to its average volume of 3,041,731. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 29.57 and a beta of 1.83. The business has a fifty day simple moving average of $8.13 and a two-hundred day simple moving average of $8.02. 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.

Hudbay Minerals Cuts Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 3rd will be given a $0.007 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a yield of 0.2%. 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.