T. Rowe Price Investment Management Inc. Sells 363,002 Shares of HudBay Minerals Inc $HBM

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in HudBay Minerals by 7.8%, selling 363,002 shares and retaining a total of 4,304,733 shares valued at approximately $32.67 million.
• HudBay Minerals has reported a quarterly earnings per share of $0.19, exceeding analysts' expectations, with a revenue of $536.4 million for the quarter.
• The company will increase its semi-annual dividend, with a payout of $0.0073 per share, reflecting a yield of 10% and an increase from the previous $0.01 dividend.

T. Rowe Price Investment Management Inc. lowered its position in HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM by 7.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,304,733 shares of the mining company's stock after selling 363,002 shares during the quarter. T. Rowe Price Investment Management Inc. owned 1.09% of HudBay Minerals worth $32,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. boosted its holdings in shares of HudBay Minerals by 64.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock worth $29,000 after buying an additional 1,481 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of HudBay Minerals by 1.4% in the 1st quarter. Federated Hermes Inc. now owns 126,836 shares of the mining company's stock worth $963,000 after purchasing an additional 1,794 shares in the last quarter. Tower Research Capital LLC TRC raised its position in HudBay Minerals by 9,877.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company's stock valued at $25,000 after buying an additional 3,062 shares during the last quarter. Cetera Investment Advisers raised its position in HudBay Minerals by 24.3% in the 4th quarter. Cetera Investment Advisers now owns 19,224 shares of the mining company's stock valued at $156,000 after buying an additional 3,760 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in HudBay Minerals in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 57.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HBM. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, May 13th. Raymond James Financial raised HudBay Minerals to a "moderate buy" rating in a research report on Monday, June 30th. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Veritas raised HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy".

HudBay Minerals Price Performance

NYSE HBM traded up $0.06 during trading hours on Friday, hitting $11.86. The company had a trading volume of 1,434,168 shares, compared to its average volume of 7,320,639. HudBay Minerals Inc has a 52 week low of $5.95 and a 52 week high of $12.10. The firm has a 50 day simple moving average of $10.35 and a 200 day simple moving average of $8.79. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.03. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 0.28 and a beta of 1.63.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its earnings results on Wednesday, August 13th. The mining company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.11 by $0.08. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.The business had revenue of $536.40 million during the quarter, compared to the consensus estimate of $558.21 million. The company's quarterly revenue was up 26.1% on a year-over-year basis. Equities research analysts expect that HudBay Minerals Inc will post 0.79 earnings per share 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. Shareholders of record on Tuesday, September 2nd will be paid a $0.0073 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a yield of 10.0%. This is an increase from HudBay Minerals's previous semi-annual dividend of $0.01. HudBay Minerals's dividend payout ratio is 1.37%.

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.