Jennison Associates LLC Acquires Shares of Hudbay Minerals Inc.
Jennison Associates LLC has increased its stake in Hudbay Minerals Inc. (NYSE: HBM, TSE: HBM) by 12.2% in the third quarter, according to its latest SEC 13F filing. The firm added 359,126 shares to its portfolio, bringing its total holdings to 3,298,814 shares, valued at approximately $30.34 million. This acquisition represents about 0.84% of Hudbay Minerals' total shares.
Other institutional investors have also made notable moves in Hudbay Minerals. Vanguard Group raised its position by 3.2% in the first quarter, now owning 8,694,436 shares worth $60.86 million. Boston Partners increased its holdings by 29.1%, while Russell Investments Group Ltd. raised its stake by 88.8%. Additionally, Artemis Investment Management LLP and Driehaus Capital Management LLC made new investments in Hudbay Minerals during the year. As of now, institutional investors hold 57.82% of Hudbay Minerals' shares.
In terms of analyst ratings, Hudbay Minerals has received a positive outlook, with five analysts issuing a "buy" rating and two assigning a "strong buy." The average target price for the stock is $11.17, reflecting a favorable market sentiment.
Hudbay Minerals recently reported strong quarterly earnings, exceeding expectations. For the quarter ending November 13, the company posted earnings per share (EPS) of $0.13, surpassing the consensus estimate of $0.04 by $0.09. The company's revenue for the quarter reached $485.80 million, beating estimates of $454.47 million. This growth reflects a 1.1% increase in revenue compared to the same quarter last year.
Analysts expect Hudbay Minerals to report an EPS of $0.49 for the current fiscal year, showing positive financial momentum for the mining company.
Hudbay Minerals Inc. is a diversified mining company primarily engaged in the exploration, production, and development of base and precious metals, including copper, gold, silver, and zinc. With operations in North and South America, Hudbay’s assets include mining properties and processing facilities in Canada, the United States, and Peru. The company is committed to responsible mining practices and sustainability, prioritizing safety, environmental protection, and community engagement across its projects. Hudbay’s portfolio includes high-quality, long-life assets that provide a platform for future growth, with a focus on increasing value for its shareholders. For more information, visit www.hudbayminerals.com.
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