Hudbay Minerals (NYSE:HBM) Coverage Initiated by Analysts at Desjardins

Desjardins initiated coverage on shares of Hudbay Minerals (NYSE:HBM) (TSE:HBM) in a research note issued to investors on Friday morning, MarketBeat reports. The firm issued a buy rating on the mining company’s stock.

HBM has been the subject of a number of other reports. StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Stifel Canada upgraded Hudbay Minerals to a “strong-buy” rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Hudbay Minerals currently has a consensus rating of “Buy” and an average target price of $11.50.

Hudbay Minerals Stock Performance

HBM stock opened at $6.30 on Friday. The company has a market cap of $2.49 billion, a P/E ratio of 34.97 and a beta of 1.62. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. Hudbay Minerals has a 1 year low of $6.04 and a 1 year high of $10.49. The stock’s fifty day moving average price is $7.94 and its 200-day moving average price is $8.54.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Wednesday, February 19th. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The firm had revenue of $584.90 million during the quarter, compared to analysts’ expectations of $588.28 million. During the same period in the previous year, the business posted $0.20 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities analysts forecast that Hudbay Minerals will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.007 per share. This is a boost from Hudbay Minerals’s previous semi-annual dividend of $0.01. The ex-dividend date was Tuesday, March 4th. This represents a yield of 0.2%. Hudbay Minerals’s dividend payout ratio (DPR) is presently 5.56%.

Hedge Funds Weigh In On Hudbay Minerals

A number of hedge funds have recently modified their holdings of HBM. Toronto Dominion Bank raised its position in shares of Hudbay Minerals by 300.9% during the 3rd quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company’s stock valued at $2,085,000 after purchasing an additional 170,257 shares during the period. Barclays PLC increased its stake in Hudbay Minerals by 2,414.5% in the 3rd quarter. Barclays PLC now owns 86,475 shares of the mining company’s stock worth $795,000 after buying an additional 83,036 shares in the last quarter. Artemis Investment Management LLP raised its holdings in Hudbay Minerals by 13.3% during the fourth quarter. Artemis Investment Management LLP now owns 2,574,709 shares of the mining company’s stock valued at $20,858,000 after acquiring an additional 301,455 shares during the period. HighTower Advisors LLC purchased a new position in shares of Hudbay Minerals in the third quarter valued at about $413,000. Finally, Tidal Investments LLC bought a new position in shares of Hudbay Minerals in the third quarter worth about $886,000. 57.82% of the stock is currently owned by 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.