HudBay Minerals (NYSE:HBM) Trading 7.7% Higher - What's Next?

Key Points

• HudBay Minerals shares surged 7.7% to a trading price of $17.01, significantly lower than the average trading volume, indicating heightened investor interest on Wednesday.
• Analysts have been optimistic, with multiple firms upgrading HudBay's rating, including Raymond James Financial and Wall Street Zen, suggesting a generally positive sentiment toward the stock.
• The company recently announced an increase in its semi-annual dividend, reflecting strong financial performance with a reported 13.13% net margin and a quarterly revenue increase of 26.1% year-over-year.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM shares shot up 7.7% during mid-day trading on Wednesday . The company traded as high as $16.92 and last traded at $17.01. 2,091,926 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 7,338,150 shares. The stock had previously closed at $15.79.

Analysts Set New Price Targets

A number of research firms have recently commented on HBM. Raymond James Financial upgraded 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 report on Wednesday. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. National Bankshares reissued an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. Finally, Wall Street Zen raised shares of HudBay Minerals from a "buy" rating to a "strong-buy" rating in a report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy".

HudBay Minerals Stock Up 8.1%

The stock has a market cap of $6.76 billion, a PE ratio of 23.38 and a beta of 1.55. The business has a 50-day moving average price of $12.33 and a 200-day moving average price of $9.98. The company has a current ratio of 1.03, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

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 for the quarter, beating analysts' consensus estimates of $0.11 by $0.08. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.73%. The firm had revenue of $536.40 million for the quarter, compared to analyst estimates of $558.21 million. HudBay Minerals's quarterly revenue was up 26.1% compared to the same quarter last year. As a group, analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

HudBay Minerals Increases Dividend

The firm also recently announced 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 represents a yield of 17.0%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is an increase from HudBay Minerals's previous semi-annual dividend of $0.01. HudBay Minerals's payout ratio is currently 1.37%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GMT Capital Corp purchased a new stake in shares of HudBay Minerals in the second quarter valued at about $337,809,000. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 131,012 shares during the period. L1 Capital Pty Ltd raised its position 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 purchasing an additional 630,703 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 valued at $113,657,000 after buying an additional 331,121 shares during the period. Finally, Hancock Prospecting Pty Ltd purchased a new stake in shares of HudBay Minerals during the second quarter valued at approximately $154,359,000. 57.82% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.