HudBay Minerals (NYSE:HBM) Hits New 52-Week High - Here's What Happened

Key Points

• HudBay Minerals stock reached a new 52-week high of $13.24 during trading, finishing at $13.22 with significant volume.
• The company reported $0.19 earnings per share (EPS) for the last quarter, exceeding estimates, with a revenue of $536.40 million, showing a 26.1% increase from the previous year.
• HudBay recently announced a semi-annual dividend of $0.0073, representing a yield of 17.0%, a reduction from their previous dividend of $0.01.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM's share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $13.24 and last traded at $13.22, with a volume of 5947373 shares changing hands. The stock had previously closed at $12.72.

Analyst Upgrades and Downgrades

HBM has been the subject of several research analyst reports. Royal Bank Of Canada reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Wall Street Zen cut HudBay Minerals from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, September 2nd. National Bankshares reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, May 13th. Finally, Raymond James Financial upgraded HudBay Minerals to a "moderate buy" rating in a research note on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy".

HudBay Minerals Price Performance

The company has a 50 day moving average of $10.67 and a 200-day moving average of $8.99. The stock has a market capitalization of $5.23 billion, a P/E ratio of 18.10, a PEG ratio of 0.31 and a beta of 1.51. 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 announced its quarterly earnings data 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 firm had revenue of $536.40 million for the quarter, compared to analysts' expectations of $558.21 million. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.The firm's revenue for the quarter was up 26.1% compared to the same quarter last year. Sell-side analysts predict 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. Shareholders of record on Tuesday, September 2nd will be paid a $0.0073 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change from HudBay Minerals's previous semi-annual dividend of $0.01. This represents a yield of 17.0%. HudBay Minerals's dividend payout ratio (DPR) is 1.37%.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds have recently added to or reduced their stakes in the stock. Impala Asset Management LLC bought a new stake in HudBay Minerals in the second quarter valued at $762,000. L1 Capital Pty Ltd lifted its stake in HudBay Minerals by 4.4% in the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company's stock valued at $159,864,000 after buying an additional 630,703 shares during the last quarter. Headlands Technologies LLC lifted its stake in HudBay Minerals by 117.1% in the second quarter. Headlands Technologies LLC now owns 26,340 shares of the mining company's stock valued at $279,000 after buying an additional 14,210 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in HudBay Minerals by 51.2% in the second quarter. CANADA LIFE ASSURANCE Co now owns 65,672 shares of the mining company's stock valued at $695,000 after buying an additional 22,251 shares during the last quarter. Finally, State of Tennessee Department of Treasury lifted its stake in HudBay Minerals by 245.9% in the second quarter. State of Tennessee Department of Treasury now owns 58,014 shares of the mining company's stock valued at $615,000 after buying an additional 41,240 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors.

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.

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