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 $17.65 with over 1.4 million shares traded, reflecting confidence in the company's performance.
• The company recently reported earnings of $0.19 per share, exceeding estimates, with a 26.1% year-over-year increase in revenue.
• HudBay Minerals boosted its dividend payout, now yielding 17.0%, up from its previous rate, showcasing commitment to returning value to shareholders.

Shares of HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM hit a new 52-week high during trading on Monday . The stock traded as high as $17.65 and last traded at $17.32, with a volume of 1443191 shares traded. The stock had previously closed at $16.57.

Analyst Ratings Changes

HBM has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of HudBay Minerals in a research report on Wednesday, October 8th. Veritas raised shares of HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. Wall Street Zen raised shares of HudBay Minerals from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, September 10th. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. 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 nine have given a Buy rating to the company. Based on data from MarketBeat.com, HudBay Minerals has an average rating of "Buy".

HudBay Minerals Stock Performance

The stock has a fifty day moving average price of $12.80 and a two-hundred day moving average price of $10.17. The company has a market cap of $6.93 billion, a P/E ratio of 23.97 and a beta of 1.55. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 0.86.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.08. The company 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 business's revenue for the quarter was up 26.1% on a year-over-year basis. On average, equities 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 disclosed a semi-annual dividend, which was paid on Friday, September 19th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.0073 per share. This is a boost from HudBay Minerals's previous semi-annual dividend of $0.01. This represents a dividend yield of 17.0%. The ex-dividend date was Tuesday, September 2nd. HudBay Minerals's dividend payout ratio (DPR) is 1.37%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HBM. Lumbard & Kellner LLC increased its stake in shares of HudBay Minerals by 31.4% during the first quarter. Lumbard & Kellner LLC now owns 537,757 shares of the mining company's stock valued at $4,082,000 after acquiring an additional 128,618 shares during the period. Intact Investment Management Inc. increased its stake in shares of HudBay Minerals by 55.6% during the first quarter. Intact Investment Management Inc. now owns 272,342 shares of the mining company's stock valued at $2,065,000 after acquiring an additional 97,342 shares during the period. Artemis Investment Management LLP increased its stake in shares of HudBay Minerals by 4.9% during the first quarter. Artemis Investment Management LLP now owns 2,701,243 shares of the mining company's stock valued at $20,483,000 after acquiring an additional 126,534 shares during the period. U S Global Investors Inc. increased its stake in shares of HudBay Minerals by 26.7% during the first quarter. U S Global Investors Inc. now owns 95,000 shares of the mining company's stock valued at $721,000 after acquiring an additional 20,000 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of HudBay Minerals by 142.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 100,303 shares of the mining company's stock valued at $761,000 after acquiring an additional 58,999 shares during the period. Institutional investors and hedge funds own 57.82% of the company's stock.

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.

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