HudBay Minerals Inc. (HBM) Stock Rating Upgraded by Zacks Investment Research
HudBay Minerals Inc. (NYSE:HBM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $4.25 price objective on the mining company’s stock. Zacks Investment Research’s price target indicates a potential upside of 11.26% from the stock’s previous close.
According to Zacks, “HudBay Minerals Inc. is a mining company and engages in discovery, production and marketing of base metals in North and Central America. It owns zinc and copper mines, concentrators and metal production facilities in northern Manitoba and Saskatchewan, zinc oxide production facility in Ontario, copper refinery in Michigan and nickel project in Guatemala. In addition to its primary products, zinc and copper, HudBay also produces gold, silver and zinc oxide. HudBay Minerals Inc. is headquartered in Toronto, Canada. “
A number of other equities research analysts have also recently weighed in on HBM. Credit Suisse Group AG cut shares of HudBay Minerals from an “outperform” rating to a “neutral” rating in a research note on Thursday, July 28th. Scotiabank restated an “outperform” rating and set a $8.00 price objective on shares of HudBay Minerals in a research note on Thursday, July 28th. BMO Capital Markets cut shares of HudBay Minerals from an “outperform” rating to a “market perform” rating and set a $7.50 price objective on the stock. in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Barclays PLC restated an “underweight” rating on shares of HudBay Minerals in a research note on Wednesday, August 3rd. Finally, RBC Capital Markets restated an “outperform” rating and set a $8.00 price objective (up from $7.50) on shares of HudBay Minerals in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. HudBay Minerals currently has a consensus rating of “Buy” and an average price target of $7.04.
Shares of HudBay Minerals (NYSE:HBM) traded down 1.31% during midday trading on Wednesday, reaching $3.78. 58,416 shares of the company were exchanged. The firm’s 50 day moving average is $4.04 and its 200-day moving average is $4.31. HudBay Minerals has a 52-week low of $1.56 and a 52-week high of $6.02. The company’s market capitalization is $892.95 million.
HudBay Minerals (NYSE:HBM) last announced its quarterly earnings results on Wednesday, July 27th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.07. HudBay Minerals had a negative net margin of 26.09% and a positive return on equity of 0.50%. The firm had revenue of $247 million for the quarter, compared to analyst estimates of $249.18 million. During the same period last year, the firm posted ($0.24) EPS. The business’s revenue was up 63.7% compared to the same quarter last year. On average, equities analysts forecast that HudBay Minerals will post $0.07 earnings per share for the current fiscal year.
The company also recently declared a semiannual dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 9th were issued a dividend of $0.0076 per share. This is a boost from HudBay Minerals’s previous semiannual dividend of $0.01. This represents a yield of 0.3%. The ex-dividend date was Wednesday, September 7th. HudBay Minerals’s dividend payout ratio (DPR) is presently -1.63%.
A number of hedge funds have recently added to or reduced their stakes in HBM. Greystone Managed Investments Inc. purchased a new stake in HudBay Minerals during the second quarter valued at $5,986,000. Capital Research Global Investors boosted its stake in HudBay Minerals by 11.2% in the second quarter. Capital Research Global Investors now owns 11,100,000 shares of the mining company’s stock valued at $53,011,000 after buying an additional 1,115,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in HudBay Minerals by 19.9% in the second quarter. Vanguard Group Inc. now owns 4,322,023 shares of the mining company’s stock valued at $20,659,000 after buying an additional 718,315 shares during the last quarter. Citadel Advisors LLC purchased a new stake in HudBay Minerals during the second quarter valued at $2,435,000. Finally, AQR Capital Management LLC boosted its stake in HudBay Minerals by 654.5% in the second quarter. AQR Capital Management LLC now owns 333,424 shares of the mining company’s stock valued at $1,584,000 after buying an additional 289,235 shares during the last quarter. 66.87% of the stock is owned by institutional investors and hedge funds.
About HudBay Minerals
HudBay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.
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