HudBay Minerals (NYSE:HBM) Shares Gap Up Following Strong Earnings

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $9.85, but opened at $11.57. HudBay Minerals shares last traded at $11.77, with a volume of 8,964,562 shares.

The mining company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.08. The firm had revenue of $536.40 million during the quarter, compared to analysts’ expectations of $558.21 million. HudBay Minerals had a return on equity of 10.91% and a net margin of 13.13%. HudBay Minerals’s quarterly revenue was up 26.1% compared to the same quarter last year.

HudBay Minerals Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd will be paid a $0.0073 dividend. This represents a dividend yield of 10.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from HudBay Minerals’s previous semi-annual dividend of $0.01. HudBay Minerals’s dividend payout ratio is 1.37%.

Analyst Ratings Changes

HBM has been the topic of several recent analyst reports. Royal Bank Of Canada reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, May 13th. Wall Street Zen upgraded HudBay Minerals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 9th. CIBC restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Finally, National Bankshares restated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy”.

Institutional Trading of HudBay Minerals

Several institutional investors and hedge funds have recently modified their holdings of HBM. Picton Mahoney Asset Management purchased a new stake in shares of HudBay Minerals in the second quarter worth approximately $61,432,000. Norges Bank purchased a new stake in shares of HudBay Minerals during the second quarter valued at approximately $60,053,000. Millennium Management LLC increased its position in shares of HudBay Minerals by 298.5% during the first quarter. Millennium Management LLC now owns 6,115,053 shares of the mining company’s stock valued at $46,411,000 after acquiring an additional 4,580,718 shares during the last quarter. L1 Capital Pty Ltd increased its position in shares of HudBay Minerals by 44.1% during the first quarter. L1 Capital Pty Ltd now owns 14,423,384 shares of the mining company’s stock valued at $109,365,000 after acquiring an additional 4,410,778 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock valued at $55,264,000 after acquiring an additional 4,299,428 shares during the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

HudBay Minerals Stock Down 2.8%

The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $4.36 billion, a PE ratio of 15.09, a P/E/G ratio of 0.29 and a beta of 1.63. The stock has a 50-day moving average of $10.01 and a 200 day moving average of $8.61.

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.