MBB Public Markets I LLC Decreases Stake in HudBay Minerals Inc $HBM

Key Points

• MBB Public Markets I LLC has reduced its stake in HudBay Minerals Inc by 73.6%, now owning 621,794 shares after selling 1,730,540 shares in the first quarter.
• Multiple institutional investors increased their holdings in HudBay, with Millennium Management LLC boosting its position by 298.5%, now owning over 6 million shares.
• HudBay Minerals recently declared a semi-annual dividend of $0.0073 per share, a decrease from its previous $0.01 dividend, reflecting a yield of 17.0%.

MBB Public Markets I LLC reduced its position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 73.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 621,794 shares of the mining company's stock after selling 1,730,540 shares during the period. HudBay Minerals comprises approximately 0.5% of MBB Public Markets I LLC's portfolio, making the stock its 29th largest position. MBB Public Markets I LLC owned approximately 0.16% of HudBay Minerals worth $4,719,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in HudBay Minerals during the 4th quarter worth about $183,000. Tower Research Capital LLC TRC raised its position in shares of HudBay Minerals by 9,877.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company's stock worth $25,000 after acquiring an additional 3,062 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in HudBay Minerals during the fourth quarter worth approximately $97,000. Algert Global LLC acquired a new position in HudBay Minerals in the fourth quarter valued at approximately $86,000. Finally, Bank of America Corp DE increased its stake in HudBay Minerals by 269.3% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 57.82% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on HBM shares. CIBC restated an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Veritas upgraded shares of HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Royal Bank Of Canada restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. National Bankshares reaffirmed an "outperform" rating on shares of HudBay Minerals in a report on Thursday, August 14th. Finally, The Goldman Sachs Group assumed coverage on HudBay Minerals in a report on Monday. They issued a "buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy".

HudBay Minerals Stock Performance

Shares of NYSE HBM traded up $0.47 during mid-day trading on Wednesday, hitting $13.48. 4,430,186 shares of the company were exchanged, compared to its average volume of 6,568,367. The company has a quick ratio of 0.86, a current ratio of 1.03 and a debt-to-equity ratio of 0.20. The stock has a 50 day simple moving average of $10.77 and a 200-day simple moving average of $9.05. HudBay Minerals Inc has a 1-year low of $5.95 and a 1-year high of $13.55. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of 18.46, a price-to-earnings-growth ratio of 0.31 and a beta of 1.51.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Wednesday, August 13th. The mining company reported $0.19 earnings per share (EPS) 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 company had revenue of $536.40 million for the quarter, compared to analysts' expectations of $558.21 million. HudBay Minerals's quarterly revenue was up 26.1% compared to the same quarter last year. On average, sell-side analysts forecast 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 will be paid on Friday, September 19th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.0073 per share. This is an increase from HudBay Minerals's previous semi-annual dividend of $0.01. This represents a yield of 17.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. HudBay Minerals's dividend payout ratio is currently 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.