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

Key Points

• HudBay Minerals shares reached a new 52-week high at $16.12 on a recent trading day, reflecting positive investor interest with a volume of 261,555 shares.
• Wall Street analysts generally have a favorable outlook on the company, with a majority rating it as a Buy or Moderate Buy, indicating anticipated growth.
• The company announced an increase in its semi-annual dividend to $0.0073 per share, representing a 17.0% yield, up from the previous dividend of $0.01.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM shares hit a new 52-week high on Monday . The company traded as high as $16.12 and last traded at $16.02, with a volume of 261555 shares changing hands. The stock had previously closed at $15.74.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on HBM shares. Raymond James Financial upgraded shares of HudBay Minerals to a "moderate buy" rating in a research note on Monday, June 30th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of HudBay Minerals in a research report on Saturday, September 27th. CIBC reissued an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Royal Bank Of Canada restated an "outperform" rating on shares of HudBay Minerals in a report on Thursday, August 14th. Finally, The Goldman Sachs Group initiated coverage on shares of HudBay Minerals in a research note on Monday, September 8th. They issued a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. Based on data from MarketBeat.com, HudBay Minerals presently has an average rating of "Buy".

HudBay Minerals Stock Performance

The company has a market cap of $6.28 billion, a PE ratio of 21.73 and a beta of 1.55. 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 stock's 50-day simple moving average is $12.10 and its 200 day simple moving average is $9.89.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.08. The business 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%. The firm's revenue for the quarter was up 26.1% on a year-over-year basis. As a group, equities analysts anticipate that HudBay Minerals Inc will post 0.79 EPS for the current year.

HudBay Minerals Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Friday, September 19th. Investors of record on Tuesday, September 2nd were paid a $0.0073 dividend. This represents a dividend yield of 17.0%. This is a boost from HudBay Minerals's previous semi-annual dividend of $0.01. The ex-dividend date was Tuesday, September 2nd. HudBay Minerals's dividend payout ratio (DPR) is presently 1.37%.

Hedge Funds Weigh In On HudBay Minerals

Large investors have recently made changes to their positions in the stock. GMT Capital Corp acquired a new position in HudBay Minerals during the second quarter worth about $337,809,000. Vanguard Group Inc. increased its stake in HudBay Minerals by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 15,398,817 shares of the mining company's stock valued at $116,738,000 after purchasing an additional 131,012 shares in the last quarter. L1 Capital Pty Ltd raised its holdings in HudBay Minerals by 4.4% during the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company's stock worth $159,864,000 after purchasing an additional 630,703 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of HudBay Minerals by 2.3% in 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 buying an additional 331,121 shares in the last quarter. Finally, Hancock Prospecting Pty Ltd purchased a new stake in shares of HudBay Minerals in the 2nd quarter worth about $154,359,000. Hedge funds and other institutional investors 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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