Hudbay Minerals (NYSE:HBM) Shares Gap Down to $7.67

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $7.67, but opened at $7.47. Hudbay Minerals shares last traded at $7.67, with a volume of 226,481 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HBM shares. Stifel Nicolaus started coverage on Hudbay Minerals in a research note on Tuesday, March 26th. They issued a “buy” rating for the company. StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Raymond James upped their price objective on Hudbay Minerals from $9.00 to $10.50 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Finally, Bank of America raised Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective for the company in a research report on Tuesday, April 9th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $9.75.

Hudbay Minerals Stock Up 1.4 %

The firm has a market cap of $2.73 billion, a P/E ratio of 38.35, a price-to-earnings-growth ratio of 0.79 and a beta of 1.95. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average of $6.63 and a 200-day moving average of $5.54.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. Hudbay Minerals had a return on equity of 3.86% and a net margin of 3.95%. The business had revenue of $602.20 million for the quarter, compared to analyst estimates of $552.74 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. Hudbay Minerals’s revenue was up 87.5% on a year-over-year basis. On average, equities research analysts anticipate that Hudbay Minerals Inc. will post 0.42 earnings per share for the current year.

Hudbay Minerals Cuts Dividend

The business also recently announced a semi-annual dividend, which was paid on Friday, March 22nd. Investors of record on Tuesday, March 5th were issued a dividend of $0.0074 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a yield of 0.3%. Hudbay Minerals’s payout ratio is presently 5.00%.

Institutional Trading of Hudbay Minerals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in Hudbay Minerals by 28.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock worth $51,836,000 after acquiring an additional 2,085,641 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Hudbay Minerals in the third quarter valued at approximately $610,000. Cumberland Partners Ltd raised its stake in Hudbay Minerals by 31.3% in the third quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock valued at $3,348,000 after buying an additional 163,500 shares during the period. Public Sector Pension Investment Board raised its stake in Hudbay Minerals by 19.6% in the third quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock valued at $3,657,000 after buying an additional 122,540 shares during the period. Finally, Jennison Associates LLC raised its stake in Hudbay Minerals by 18.5% in the third quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock valued at $6,451,000 after buying an additional 206,601 shares during the period. Institutional investors own 57.82% of the company’s stock.

About Hudbay Minerals

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.