Hudbay Minerals (NYSE:HBM) Shares Gap Down – Time to Sell?

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) gapped down before the market opened on Tuesday . The stock had previously closed at $9.58, but opened at $9.20. Hudbay Minerals shares last traded at $9.17, with a volume of 312,410 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Hudbay Minerals presently has a consensus rating of “Buy” and an average price target of $11.17.

Hudbay Minerals Stock Down 5.0 %

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The stock has a market capitalization of $3.60 billion, a P/E ratio of 39.50 and a beta of 1.74. The stock has a fifty day moving average price of $8.60 and a 200 day moving average price of $8.49.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The business had revenue of $485.80 million during the quarter, compared to analyst estimates of $454.47 million. During the same quarter in the previous year, the firm earned $0.07 EPS. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts forecast that Hudbay Minerals Inc. will post 0.48 earnings per share for the current year.

Institutional Investors Weigh In On Hudbay Minerals

Several large investors have recently added to or reduced their stakes in the business. Cinctive Capital Management LP lifted its holdings in shares of Hudbay Minerals by 39.7% during the 3rd quarter. Cinctive Capital Management LP now owns 410,669 shares of the mining company’s stock worth $3,777,000 after acquiring an additional 116,732 shares during the last quarter. Bank of Montreal Can lifted its stake in Hudbay Minerals by 23.1% during the third quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company’s stock worth $71,308,000 after purchasing an additional 1,441,991 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Hudbay Minerals by 300.9% in the 3rd quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company’s stock worth $2,085,000 after purchasing an additional 170,257 shares in the last quarter. Mountaineer Partners Management LLC increased its position in shares of Hudbay Minerals by 792.5% during the 3rd quarter. Mountaineer Partners Management LLC now owns 10,323,605 shares of the mining company’s stock valued at $94,874,000 after purchasing an additional 9,166,952 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Hudbay Minerals by 12.2% during the 3rd quarter. Jennison Associates LLC now owns 3,298,814 shares of the mining company’s stock valued at $30,340,000 after buying an additional 359,126 shares in the last quarter. 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.