5 Best Canadian Stocks Under $10

4. Hudbay Minerals Inc. (NYSE:HBM)

Number of Hedge Fund Holders: 25

Share Price as of July 24: $5.79

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company that operates in North and South America. The company is involved in the exploration, development, and optimization of mineral properties. Hudbay Minerals Inc. (NYSE:HBM) produces copper concentrates containing copper, gold, and silver, and zinc. It is one of the best Canadian stocks to watch. 

On July 6, Hudbay Minerals Inc. (NYSE:HBM) entered into a memorandum of understanding (MoU) with Marubeni, a Japanese company, for a multi-year exploration partnership focused on current processing facilities in Flin Flon, Manitoba. As per the MoU, Marubeni will finance the exploration expenses of around $10 million to $15 million, with Hudbay Minerals Inc. (NYSE:HBM) operating and conducting the exploration activities. The agreement also outlines the potential for a future joint venture between Hudbay Minerals and Marubeni in case of successful discovery of new deposits in the Flin Flon region.

According to Insider Monkey’s first quarter database, 25 hedge funds were bullish on Hudbay Minerals Inc. (NYSE:HBM), compared to 21 funds in the prior quarter. Thomas E. Claugus’ GMT Capital is the largest stakeholder of the company, with 30.7 million shares worth $161.2 million. 

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