Advisors Asset Management Inc. Trims Holdings in HudBay Minerals Inc $HBM

Key Points

• Advisors Asset Management Inc. reduced its stake in HudBay Minerals by 49.8%, now holding 26,771 shares after selling 26,607 shares in the first quarter.
• The company declared a semi-annual dividend of $0.0073, which is an increase from the previous dividend of $0.01, resulting in a 17.0% dividend yield.
• HuBay Minerals' quarterly earnings surpassed expectations with an EPS of $0.19, along with a revenue increase of 26.1% compared to the same quarter last year.

Advisors Asset Management Inc. lessened its holdings in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 49.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,771 shares of the mining company's stock after selling 26,607 shares during the quarter. Advisors Asset Management Inc.'s holdings in HudBay Minerals were worth $203,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in HBM. PDT Partners LLC grew its position in shares of HudBay Minerals by 170.3% during the 1st quarter. PDT Partners LLC now owns 404,306 shares of the mining company's stock worth $3,069,000 after buying an additional 254,709 shares during the period. L1 Capital Pty Ltd grew its position in HudBay Minerals by 44.1% in the 1st quarter. L1 Capital Pty Ltd now owns 14,423,384 shares of the mining company's stock valued at $109,365,000 after purchasing an additional 4,410,778 shares during the period. Decade Renewable Partners LP grew its position in HudBay Minerals by 57.1% in the 1st quarter. Decade Renewable Partners LP now owns 1,699,586 shares of the mining company's stock valued at $12,900,000 after purchasing an additional 617,819 shares during the period. Trexquant Investment LP increased its position in shares of HudBay Minerals by 201.3% during the first quarter. Trexquant Investment LP now owns 641,830 shares of the mining company's stock valued at $4,871,000 after buying an additional 428,818 shares during the period. Finally, Anson Funds Management LP bought a new stake in shares of HudBay Minerals during the first quarter valued at about $759,000. Institutional investors own 57.82% of the company's stock.

Analyst Ratings Changes

HBM has been the topic of several analyst reports. Veritas upgraded HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. Wall Street Zen raised HudBay Minerals from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, September 10th. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, July 15th. The Goldman Sachs Group assumed coverage on HudBay Minerals in a research note on Monday, September 8th. They set a "buy" rating for the company. Finally, National Bankshares reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to MarketBeat, HudBay Minerals has an average rating of "Buy".

HudBay Minerals Price Performance

Shares of HBM traded down $0.24 during mid-day trading on Tuesday, hitting $13.66. 2,717,198 shares of the stock were exchanged, compared to its average volume of 7,207,652. The company has a market cap of $5.40 billion, a PE ratio of 18.71, a price-to-earnings-growth ratio of 0.33 and a beta of 1.51. HudBay Minerals Inc has a 52-week low of $5.95 and a 52-week high of $13.95. The firm has a 50-day moving average of $10.94 and a two-hundred day moving average of $9.21. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.03.

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

HudBay Minerals Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd will be paid a $0.0073 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change from HudBay Minerals's previous semi-annual dividend of $0.01. This represents a dividend yield of 17.0%. HudBay Minerals's dividend payout ratio (DPR) is 1.37%.

HudBay Minerals 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.