1832 Asset Management L.P. Grows Position in HudBay Minerals Inc $HBM

Key Points

• 1832 Asset Management L.P. significantly increased its stake in HudBay Minerals by 251.3%, acquiring an additional 304,743 shares in the first quarter, bringing its total ownership to 426,000 shares.
• HudBay Minerals saw its stock price increase by 4.3% and is currently trading at $11.7650, with a market capitalization of $4.66 billion.
• The company announced a dividend increase, declaring a semi-annual dividend of $0.0073, which represents a yield of 10.0%, up from the previous $0.01 per share.

1832 Asset Management L.P. grew its holdings in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 251.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 426,000 shares of the mining company's stock after purchasing an additional 304,743 shares during the period. 1832 Asset Management L.P. owned approximately 0.11% of HudBay Minerals worth $3,233,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position 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 buying an additional 4,253,400 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in HudBay Minerals in the 4th quarter worth approximately $17,657,000. Carrhae Capital LLP purchased a new stake in HudBay Minerals during the 1st quarter worth approximately $14,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in HudBay Minerals by 14.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,662,499 shares of the mining company's stock worth $118,874,000 after purchasing an additional 1,822,601 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in HudBay Minerals by 269.3% during the 4th quarter. Bank of America Corp DE now owns 2,409,267 shares of the mining company's stock valued at $19,515,000 after purchasing an additional 1,756,930 shares in the last quarter. Institutional investors and hedge funds own 57.82% of the company's stock.

HudBay Minerals Stock Performance

HudBay Minerals stock traded up $0.21 during mid-day trading on Thursday, hitting $11.80. The company had a trading volume of 5,196,975 shares, compared to its average volume of 7,358,013. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 0.28 and a beta of 1.63. HudBay Minerals Inc has a 12-month low of $5.95 and a 12-month high of $12.10. The company's fifty day moving average is $10.30 and its 200-day moving average is $8.78. The company has a current ratio of 1.03, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.08. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.73%. The firm had revenue of $536.40 million during the quarter, compared to analyst estimates of $558.21 million. HudBay Minerals's revenue for the quarter was up 26.1% on a year-over-year basis. Equities research analysts predict that HudBay Minerals Inc will post 0.79 EPS for the current year.

HudBay Minerals Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd will be given a $0.0073 dividend. This represents a dividend yield of 10.0%. This is a positive change from HudBay Minerals's previous semi-annual dividend of $0.01. The ex-dividend date is Tuesday, September 2nd. HudBay Minerals's dividend payout ratio (DPR) is 1.37%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Raymond James Financial upgraded shares of HudBay Minerals to a "moderate buy" rating in a research note on Monday, June 30th. Royal Bank Of Canada restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Wall Street Zen upgraded HudBay Minerals from a "buy" rating to a "strong-buy" rating in a research note on Monday. Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, May 13th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of HudBay Minerals in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy".

HudBay Minerals Company 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.