HudBay Minerals Inc $HBM Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in HudBay Minerals by 0.7%, selling 17,029 shares and leaving it with approximately 2.47 million shares valued at $26.2 million.
• HudBay Minerals recently increased its dividend to $0.0073 per share, representing a 17.0% yield, up from the previous dividend of $0.01.
• Wall Street analysts are largely optimistic, with several firms giving HudBay a consensus rating of "Buy" and a target price increase to $19.50, indicating positive market expectations.

Allianz Asset Management GmbH cut its holdings in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 0.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,475,876 shares of the mining company's stock after selling 17,029 shares during the period. Allianz Asset Management GmbH owned approximately 0.63% of HudBay Minerals worth $26,219,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of HBM. Intact Investment Management Inc. grew its position in shares of HudBay Minerals by 55.6% during the 1st quarter. Intact Investment Management Inc. now owns 272,342 shares of the mining company's stock valued at $2,065,000 after acquiring an additional 97,342 shares during the period. Artemis Investment Management LLP boosted its holdings in HudBay Minerals by 4.9% in the 1st quarter. Artemis Investment Management LLP now owns 2,701,243 shares of the mining company's stock worth $20,483,000 after buying an additional 126,534 shares during the last quarter. U S Global Investors Inc. boosted its holdings in HudBay Minerals by 26.7% in the 1st quarter. U S Global Investors Inc. now owns 95,000 shares of the mining company's stock worth $721,000 after buying an additional 20,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in HudBay Minerals by 142.8% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 100,303 shares of the mining company's stock worth $761,000 after buying an additional 58,999 shares during the last quarter. Finally, Waterfront Wealth Inc. acquired a new stake in HudBay Minerals in the 1st quarter worth about $321,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HBM shares. CIBC reiterated an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, July 15th. Royal Bank Of Canada reiterated an "outperform" rating on shares of HudBay Minerals in a report on Thursday, August 14th. National Bankshares reiterated an "outperform" rating on shares of HudBay Minerals in a report on Thursday, August 14th. Bank of America lifted their price objective on HudBay Minerals from $16.50 to $19.50 and gave the stock a "buy" rating in a report on Thursday. Finally, Wall Street Zen upgraded HudBay Minerals from a "buy" rating to a "strong-buy" rating in a report on Wednesday, September 10th. Three equities research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $19.50.

HudBay Minerals Trading Down 4.9%

Shares of HudBay Minerals stock opened at $16.40 on Friday. The stock has a market cap of $6.49 billion, a P/E ratio of 22.46 and a beta of 1.55. The stock's 50 day simple moving average is $13.58 and its 200-day simple moving average is $10.49. HudBay Minerals Inc has a 1-year low of $5.95 and a 1-year high of $17.73. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 0.86.

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

HudBay Minerals Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.0073 per share. This represents a dividend yield of 17.0%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a boost from HudBay Minerals's previous semi-annual dividend of $0.01. HudBay Minerals's dividend payout ratio is presently 1.37%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.