Hudbay Minerals (TSE:HBM) Trading 19.1% Higher Following Dividend Announcement

Key Points

• Hudbay Minerals shares rose 19.1% following the announcement of a dividend to be paid on September 19th, reflecting strong investor interest.
• Analysts have upgraded Hudbay's stock ratings, with multiple firms assigning a "buy" or "strong-buy" rating and raising price targets significantly.
• The company currently has a market capitalization of C$4.49 billion, a P/E ratio of 45.56, and insider activity reveals that corporate insiders sold 34,074 shares over the last quarter.

Shares of Hudbay Minerals Inc. (TSE:HBM - Get Free Report) NYSE: HBM rose 19.1% on Wednesday after the company announced a dividend. The company traded as high as C$16.69 and last traded at C$16.16. Approximately 3,257,760 shares were traded during mid-day trading, an increase of 91% from the average daily volume of 1,706,170 shares. The stock had previously closed at C$13.57.The newly announced dividend which will be paid on Friday, September 19th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.01 per share. Hudbay Minerals's dividend payout ratio is currently 5.63%.

Analyst Ratings Changes

Several analysts have recently commented on HBM shares. BMO Capital Markets upgraded Hudbay Minerals to a "strong-buy" rating in a report on Tuesday, April 15th. TD Securities increased their target price on Hudbay Minerals from C$13.00 to C$15.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. National Bankshares raised their price target on Hudbay Minerals from C$14.50 to C$16.50 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Desjardins raised their price target on Hudbay Minerals from C$16.00 to C$17.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada raised their price target on Hudbay Minerals from C$16.00 to C$17.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Eight research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of C$16.17.

Hudbay Minerals Price Performance

The company has a current ratio of 1.86, a quick ratio of 0.85 and a debt-to-equity ratio of 46.39. The company has a 50 day moving average price of C$13.61 and a 200 day moving average price of C$11.95. The company has a market capitalization of C$4.49 billion, a P/E ratio of 45.56, a P/E/G ratio of 3.97 and a beta of 1.83.

Insider Activity at Hudbay Minerals

In other Hudbay Minerals news, Senior Officer Mark Zachary Gupta sold 2,874 shares of Hudbay Minerals stock in a transaction on Friday, June 6th. The stock was sold at an average price of C$13.25, for a total value of C$38,080.50. Also, Director Gregory Paul Dryden sold 30,000 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of C$13.21, for a total value of C$396,204.00. Insiders have sold a total of 34,074 shares of company stock valued at $447,953 over the last quarter. 0.07% of the stock is currently owned by corporate insiders.

About Hudbay Minerals

Hudbay Minerals Inc is a Canadian mining company with its operations, property developments, and exploration activities across the United States. The major mines that Hudbay operates are located in Manitoba, Canada, Arizona, United States; and Peru. The company is principally focused on the discovery, production, and marketing of base and precious metals.

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