Hudbay Minerals (NYSE:HBM) Trading Up 7.5% – Here’s What Happened

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s share price was up 7.5% during mid-day trading on Wednesday . The company traded as high as $7.44 and last traded at $7.41. Approximately 994,816 shares changed hands during trading, a decline of 85% from the average daily volume of 6,523,782 shares. The stock had previously closed at $6.89.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $11.17.

Hudbay Minerals Stock Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The company has a fifty day moving average price of $8.33 and a 200 day moving average price of $8.53. The stock has a market cap of $2.85 billion, a P/E ratio of 40.14 and a beta of 1.74.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, February 19th. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). Hudbay Minerals had a net margin of 3.80% and a return on equity of 7.29%. The business had revenue of $584.90 million during the quarter, compared to analyst estimates of $588.28 million. During the same period in the previous year, the business posted $0.20 EPS. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities analysts expect that Hudbay Minerals Inc. will post 0.79 EPS for the current year.

Hudbay Minerals Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 4th will be issued a $0.007 dividend. This represents a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 4th. This is a positive change from Hudbay Minerals’s previous semi-annual dividend of $0.01. Hudbay Minerals’s dividend payout ratio is currently 5.56%.

Hedge Funds Weigh In On Hudbay Minerals

A number of hedge funds have recently added to or reduced their stakes in HBM. Mountaineer Partners Management LLC lifted its holdings in shares of Hudbay Minerals by 792.5% in the third quarter. Mountaineer Partners Management LLC now owns 10,323,605 shares of the mining company’s stock valued at $94,874,000 after purchasing an additional 9,166,952 shares in the last quarter. Norges Bank purchased a new stake in Hudbay Minerals in the 4th quarter valued at $50,260,000. Dimensional Fund Advisors LP lifted its stake in Hudbay Minerals by 86.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,149,134 shares of the mining company’s stock valued at $74,105,000 after acquiring an additional 4,253,400 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Hudbay Minerals during the 4th quarter worth $17,657,000. Finally, American Century Companies Inc. boosted its holdings in Hudbay Minerals by 102.4% during the 4th quarter. American Century Companies Inc. now owns 4,275,895 shares of the mining company’s stock worth $34,684,000 after acquiring an additional 2,163,000 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

About Hudbay Minerals

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.