HBM

Key Takeaways

• Hudbay is a copper miner whose by-product gold and zinc credits now do most of the cost work: Q1 2026 cash cost net of by-products fell to a record negative $1.80 per pound, meaning the metal effectively pays customers to take the copper. [Source: HBM Q1 2026 results, May 2026] • The biggest risk is the commodity itself: at about 12 times trailing operating income the price assumes copper-cycle economics persist, and only about a third of comparable fast-growers have sustained that pace for fi

Institutional ownership

282 institutional managers reported holding HBM in 13F filings for the quarter ended 2026-03-31. Together they hold about 74% of the company; the top 10 hold 38%. 59 opened new positions that quarter. Held by Vanguard Group, Acadian Asset Management, Dimensional Fund Advisors, among others. On the short side, 14.3M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (2.1 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

HBM's share count grew 51.3% over the past five years. It pays a dividend, and has paid one every year in our records (10 and counting). Cash returned over the past three years: $15.56M in dividends.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

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