Hudbay Minerals (TSE:HBM) Reaches New 1-Year High Following Dividend Announcement

Hudbay Minerals Inc. (TSE:HBM) (NYSE:HBM)’s share price hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as C$17.18 and last traded at C$17.08, with a volume of 1384079 shares trading hands. The stock had previously closed at C$16.62.

The newly announced dividend which will be paid on Friday, September 19th. Investors of record on Friday, September 19th will be issued a $0.01 dividend. This represents a yield of 6.0%. The ex-dividend date is Tuesday, September 2nd. Hudbay Minerals’s dividend payout ratio (DPR) is 1.96%.

Wall Street Analyst Weigh In

HBM has been the topic of a number of recent analyst reports. Scotiabank lifted their price objective on Hudbay Minerals from C$14.00 to C$15.50 in a research note on Monday, June 16th. Royal Bank Of Canada boosted their price target on shares of Hudbay Minerals from C$16.00 to C$17.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Veritas upgraded shares of Hudbay Minerals to a “strong-buy” rating in a research note on Monday, July 7th. Raymond James Financial upped their price target on shares of Hudbay Minerals from C$17.00 to C$18.50 in a research report on Thursday, August 21st. Finally, TD Securities upped their price objective 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. Three equities research analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of C$16.95.

Hudbay Minerals Price Performance

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 company’s 50 day moving average is C$14.48 and its 200 day moving average is C$12.33. The firm has a market capitalization of C$6.79 billion, a price-to-earnings ratio of 23.52, a P/E/G ratio of 3.97 and a beta of 1.74.

Insider Activity at Hudbay Minerals

In other news, Director Gregory Paul Dryden sold 30,000 shares of Hudbay Minerals stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of C$13.21, for a total value of C$396,204.00. Also, Senior Officer Mark Zachary Gupta sold 2,874 shares of the firm’s 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. 0.07% of the stock is currently owned by company 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.