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

Shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) gapped down before the market opened 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 equities research analysts have issued reports on HBM shares. Bank of America raised shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Tuesday, April 9th. Stifel Nicolaus started coverage on shares of Hudbay Minerals in a research report on Tuesday, March 26th. They set a “buy” rating for the company. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Finally, Raymond James boosted their price target on shares of Hudbay Minerals from $9.00 to $10.50 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $9.75.

Hudbay Minerals Price Performance

The firm’s 50-day moving average is $6.73 and its 200-day moving average is $5.58. The company has a market capitalization of $2.72 billion, a PE ratio of 38.70, 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.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced 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 net margin of 3.95% and a return on equity of 3.86%. The company had revenue of $602.20 million during the quarter, compared to analyst estimates of $552.74 million. During the same period in the previous year, the business earned $0.01 earnings per share. The firm’s quarterly revenue was up 87.5% compared to the same quarter last year. Equities analysts predict that Hudbay Minerals Inc. will post 0.42 earnings per share for the current fiscal year.

Hudbay Minerals Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 5th were given 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 5.00%.

Institutional Trading of Hudbay Minerals

Several institutional investors have recently added to or reduced their stakes in the business. Letko Brosseau & Associates Inc. boosted its position in Hudbay Minerals by 0.7% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 16,569,958 shares of the mining company’s stock valued at $91,609,000 after buying an additional 114,266 shares during the period. L1 Capital Pty Ltd boosted its position in Hudbay Minerals by 15.1% during the third quarter. L1 Capital Pty Ltd now owns 16,299,356 shares of the mining company’s stock valued at $79,378,000 after buying an additional 2,141,437 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position 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 valued at $51,836,000 after buying an additional 2,085,641 shares during the period. Invesco Ltd. boosted its position in Hudbay Minerals by 60.2% during the third quarter. Invesco Ltd. now owns 6,998,581 shares of the mining company’s stock valued at $34,083,000 after buying an additional 2,630,780 shares during the period. Finally, Mackenzie Financial Corp boosted its position in Hudbay Minerals by 33.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,014,948 shares of the mining company’s stock valued at $27,604,000 after buying an additional 1,266,717 shares during the period. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

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.