Meritage Portfolio Management Acquires Stake in Hudbay Minerals Inc.

Meritage Portfolio Management has recently made a significant move in the financial markets by acquiring a new position in Hudbay Minerals Inc. (NYSE: HBM). This was disclosed in the firm's latest 13F filing with the Securities and Exchange Commission (SEC), which revealed that Meritage purchased 733,759 shares of Hudbay Minerals' stock. This acquisition is valued at approximately $6,743,000. Following this purchase, Meritage owns around 0.19% of Hudbay Minerals as documented in the filing.

A variety of other institutional investors and hedge funds have also adjusted their positions with Hudbay Minerals in recent times. For instance, Exchange Traded Concepts LLC invested in Hudbay during the third quarter, acquiring a new position valued at $53,000. Additionally, Clear Harbor Asset Management LLC bought shares worth about $92,000 in the same quarter. Ritholtz Wealth Management secured a new stake in the second quarter at a valuation of about $96,000, while Armistice Capital LLC also entered a new position worth approximately $97,000. Liontrust Investment Partners LLP completed the second quarter by acquiring a new stake valued at around $100,000. Collectively, hedge funds and other institutional investors hold about 57.82% of Hudbay's stock.

Market Analysts Provide Insights

Hudbay Minerals has recently attracted attention from several analysts, who have provided varied insights regarding the stock. StockNews.com downgraded Hudbay's shares from a "buy" rating to a "hold" rating on August 13th. Conversely, Jefferies Financial Group lifted their rating from "hold" to "buy" on August 14th. Furthermore, Stifel Canada increased its rating to "strong-buy" on July 22nd. Presently, the consensus among analysts is a "Buy" rating, with an average target price set at $11.17, according to data from MarketBeat.com.

As for Hudbay Minerals' stock performance, NYSE: HBM experienced a decline of $0.37 during midday trading on Friday, bringing its price to $9.35. The trading volume reached 4,303,936 shares, significantly higher than its average volume of 2,425,701. The company boasts a market capitalization of $3.68 billion, a P/E ratio of 40.65, and a beta of 1.78. Hudbay's financial metrics include a debt-to-equity ratio of 0.47, and current and quick ratios of 1.86 and 1.49, respectively. The stock has seen a 1-year low of $3.94 and a high of $10.49, while maintaining a fifty-day simple moving average of $8.67.

Dividend Adjustments

Recently, Hudbay Minerals announced a semi-annual dividend, which was paid out to shareholders on September 20th. Shareholders of record by September 3rd received a dividend of $0.007 per share, reflecting a low yield of 0.2%. This indicates a payout ratio of 4.35% for the company.

Overview of Hudbay Minerals

Hudbay Minerals Inc. is a diversified mining company focused on the exploration, development, operation, and optimization of mining properties across North and South America. The company primarily produces copper concentrates along with gold, silver, and molybdenum. It also generates gold concentrates that contain zinc, molybdenum concentrates, and silver/gold doré.

Investment, Shares, Mining