Millennium Management LLC Buys 4,580,718 Shares of HudBay Minerals Inc $HBM

Key Points

• Millennium Management LLC increased its stake in HudBay Minerals by 298.5% during Q1, owning over 6 million shares valued at approximately $46.4 million.
• Several large institutional investors, including Tower Research Capital, also significantly increased their holdings in HudBay Minerals, with hedge funds now owning 57.82% of the company's stock.
• HudBay Minerals recently announced a dividend increase, with a new semi-annual dividend of $0.0073 per share, resulting in a dividend yield of 17.0%.

Millennium Management LLC raised its position in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 298.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,115,053 shares of the mining company's stock after purchasing an additional 4,580,718 shares during the quarter. Millennium Management LLC owned about 1.55% of HudBay Minerals worth $46,411,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in 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 valued at $25,000 after purchasing an additional 3,062 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in HudBay Minerals by 64.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock valued at $29,000 after purchasing an additional 1,481 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in HudBay Minerals during the 1st quarter valued at $33,000. Algert Global LLC bought a new position in HudBay Minerals during the 4th quarter valued at $86,000. Finally, Hsbc Holdings PLC bought a new position in HudBay Minerals during the 4th quarter valued at $97,000. 57.82% of the stock is owned by institutional investors.

HudBay Minerals Stock Down 0.2%

Shares of HBM traded down $0.03 during mid-day trading on Friday, reaching $13.54. The company's stock had a trading volume of 5,299,512 shares, compared to its average volume of 7,244,768. The business has a fifty day moving average of $10.82 and a 200 day moving average of $9.09. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 18.55, a price-to-earnings-growth ratio of 0.33 and a beta of 1.51. HudBay Minerals Inc has a 1 year low of $5.95 and a 1 year high of $13.64. The company has a quick ratio of 0.86, a current ratio of 1.03 and a debt-to-equity ratio of 0.20.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share (EPS) for the quarter, beating 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 company had revenue of $536.40 million during the quarter, compared to analyst estimates of $558.21 million. The company's revenue was up 26.1% compared to the same quarter last year. As a group, analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

HudBay Minerals Increases Dividend

The business also recently announced 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. This represents a yield of 17.0%. This is an increase 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 is 1.37%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on HBM shares. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, July 15th. The Goldman Sachs Group began coverage on HudBay Minerals in a research note on Monday. They set a "buy" rating for the company. National Bankshares reissued an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Royal Bank Of Canada reissued an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Finally, Veritas raised HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. According to MarketBeat, HudBay Minerals currently has a consensus 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.