HudBay Minerals Inc $HBM Shares Purchased by Millennium Management LLC

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 increased its stake in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 298.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,115,053 shares of the mining company's stock after acquiring an additional 4,580,718 shares during the quarter. Millennium Management LLC owned approximately 1.55% of HudBay Minerals worth $46,411,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HBM. Raymond James Financial Inc. acquired a new stake in HudBay Minerals during the 4th quarter worth $183,000. 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 worth $25,000 after purchasing an additional 3,062 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in HudBay Minerals during the 4th quarter worth $97,000. Algert Global LLC acquired a new stake in HudBay Minerals during the 4th quarter worth $86,000. Finally, Bank of America Corp DE boosted its stake in 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 purchasing an additional 1,756,930 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company's stock.

Analyst Ratings Changes

HBM has been the topic of several recent research reports. Raymond James Financial raised shares of HudBay Minerals to a "moderate buy" rating in a research note on Monday, June 30th. Royal Bank Of Canada reissued an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. Wall Street Zen raised shares of HudBay Minerals from a "buy" rating to a "strong-buy" rating in a research report on Wednesday. CIBC reissued an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. Based on data from MarketBeat, HudBay Minerals has an average rating of "Buy".

HudBay Minerals Stock Down 0.2%

Shares of HBM stock traded down $0.03 during trading hours on Friday, reaching $13.54. 5,299,660 shares of the stock were exchanged, compared to its average volume of 4,891,891. The firm has a market capitalization of $5.36 billion, a P/E ratio of 18.55, a P/E/G ratio of 0.33 and a beta of 1.51. HudBay Minerals Inc has a 12-month low of $5.95 and a 12-month high of $13.64. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 0.86. The business's fifty day moving average is $10.88 and its two-hundred day moving average is $9.16.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.11 by $0.08. The company had revenue of $536.40 million for the quarter, compared to analyst estimates of $558.21 million. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.73%. HudBay Minerals's quarterly revenue was up 26.1% compared to the same quarter last year. As a group, research analysts expect that HudBay Minerals Inc will post 0.79 EPS for the current fiscal 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 issued a $0.0073 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase 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 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.