Hudbay Minerals (TSE:HBM) Stock Price Up 3.2% After Dividend Announcement

Hudbay Minerals Inc. (TSE:HBM) (NYSE:HBM) shot up 3.2% during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$13.66 and last traded at C$13.57. 1,645,643 shares traded hands during trading, a decline of 4% from the average session volume of 1,706,539 shares. The stock had previously closed at C$13.15.

The newly announced dividend which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd will be given a $0.01 dividend. Hudbay Minerals’s dividend payout ratio is currently 5.63%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on HBM. Veritas raised Hudbay Minerals to a “strong-buy” rating in a research report on Monday, July 7th. Raymond James Financial raised Hudbay Minerals to a “moderate buy” rating in a research report on Monday, June 30th. Stifel Nicolaus raised their price target on Hudbay Minerals from C$17.00 to C$20.00 and gave the company a “buy” rating in a research report on Thursday. National Bankshares lifted their target price on Hudbay Minerals from C$16.50 to C$17.50 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Desjardins lifted their target price on Hudbay Minerals from C$16.00 to C$17.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Seven investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Hudbay Minerals currently has a consensus rating of “Buy” and a consensus target price of C$16.67.

Hudbay Minerals Trading Down 2.4%

The firm has a market capitalization of C$4.22 billion, a price-to-earnings ratio of 42.83, a P/E/G ratio of 3.97 and a beta of 1.83. The company has a quick ratio of 0.85, a current ratio of 1.86 and a debt-to-equity ratio of 46.39. The business has a 50-day moving average of C$13.71 and a two-hundred day moving average of C$12.00.

Insider Transactions at Hudbay Minerals

In other Hudbay Minerals news, Senior Officer Mark Zachary Gupta sold 2,874 shares of the firm’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of C$13.25, for a total transaction of C$38,080.50. Also, Director Gregory Paul Dryden sold 30,000 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of C$13.21, for a total transaction of C$396,204.00. In the last 90 days, insiders have sold 34,074 shares of company stock valued at $447,953. Corporate insiders own 0.07% of the company’s stock.

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.