Polar Asset Management Partners Inc. Sells 1,011,500 Shares of HudBay Minerals Inc $HBM

Key Points

• Polar Asset Management Partners Inc. reduced its stake in HudBay Minerals Inc. by 59.7%, selling 1,011,500 shares and retaining 683,200 shares worth approximately $5.1 million.
• Notable movements among institutional investors include Bank of America Corp DE increasing its holdings by 269.3% to over 2.4 million shares and Tower Research Capital LLC raising its position by 9,877.4%.
• HudBay Minerals has received mixed analyst ratings, with two analysts giving a Strong Buy rating and overall consensus currently rated as Buy.

Polar Asset Management Partners Inc. decreased its stake in shares of HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 59.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 683,200 shares of the mining company's stock after selling 1,011,500 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.17% of HudBay Minerals worth $5,123,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of HudBay Minerals by 298.5% during the 1st quarter. Millennium Management LLC now owns 6,115,053 shares of the mining company's stock worth $46,411,000 after purchasing an additional 4,580,718 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of HudBay Minerals by 2.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,993,620 shares of the mining company's stock worth $113,657,000 after purchasing an additional 331,121 shares during the last quarter. EdgePoint Investment Group Inc. increased its position in shares of HudBay Minerals by 50.6% during the 1st quarter. EdgePoint Investment Group Inc. now owns 7,628,971 shares of the mining company's stock worth $57,848,000 after purchasing an additional 2,561,607 shares during the last quarter. Encompass Capital Advisors LLC increased its position in shares of HudBay Minerals by 18.6% during the 1st quarter. Encompass Capital Advisors LLC now owns 4,132,062 shares of the mining company's stock worth $31,361,000 after purchasing an additional 647,835 shares during the last quarter. Finally, Cinctive Capital Management LP acquired a new position in shares of HudBay Minerals during the 1st quarter worth approximately $2,246,000. Institutional investors and hedge funds own 57.82% of the company's stock.

HudBay Minerals Stock Performance

NYSE HBM traded up $0.17 on Thursday, reaching $13.63. The stock had a trading volume of 2,304,249 shares, compared to its average volume of 7,244,809. The company has a market cap of $5.39 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 0.31 and a beta of 1.51. HudBay Minerals Inc has a 1-year low of $5.95 and a 1-year high of $13.62. 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 firm has a fifty day moving average of $10.77 and a two-hundred day moving average of $9.05.

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, topping 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 return on equity of 10.73% and a net margin of 13.13%.HudBay Minerals's revenue for the quarter was up 26.1% on a year-over-year basis. On average, equities research analysts anticipate that HudBay Minerals Inc will post 0.79 EPS for the current year.

HudBay Minerals Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, September 19th. Stockholders 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a dividend yield of 17.0%. HudBay Minerals's payout ratio is currently 1.37%.

Wall Street Analysts Forecast Growth

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

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.