Advisors Asset Management Inc. Sells 26,607 Shares of 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. lowered its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 49.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. L1 Capital Pty Ltd grew its stake in HudBay Minerals by 44.1% during 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 acquiring an additional 4,410,778 shares in the last quarter. Carrhae Capital LLP bought a new stake in HudBay Minerals in the first quarter worth approximately $14,244,000. Bank of America Corp DE boosted its stake in shares of 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 worth $19,515,000 after acquiring an additional 1,756,930 shares in the last quarter. Boston Partners boosted its stake in shares of HudBay Minerals by 386.1% during the 1st quarter. Boston Partners now owns 1,861,812 shares of the mining company's stock worth $14,131,000 after acquiring an additional 1,478,827 shares in the last quarter. Finally, Woodline Partners LP boosted its position in HudBay Minerals by 216.5% during the fourth quarter. Woodline Partners LP now owns 2,124,494 shares of the mining company's stock worth $17,208,000 after purchasing an additional 1,453,173 shares during the period. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Veritas raised HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. CIBC restated an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, July 15th. Raymond James Financial upgraded shares of HudBay Minerals to a "moderate buy" rating in a report on Monday, June 30th. The Goldman Sachs Group began coverage on shares of HudBay Minerals in a report on Monday, September 8th. They set a "buy" rating for the company. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy".

HudBay Minerals Stock Performance

HBM stock traded down $0.15 during midday trading on Wednesday, hitting $13.52. The stock had a trading volume of 5,284,555 shares, compared to its average volume of 4,900,575. The stock has a 50-day simple moving average of $11.05 and a 200 day simple moving average of $9.27. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 18.51, a P/E/G 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 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 released its quarterly earnings data on Wednesday, August 13th. The mining company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.08. The company had revenue of $536.40 million during the quarter, compared to the consensus estimate of $558.21 million. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.73%. HudBay Minerals's revenue was up 26.1% compared to the same quarter last year. As a group, equities research analysts anticipate that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

HudBay Minerals Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Friday, September 19th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.0073 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost 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%.

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.