Hudbay Minerals (NYSE:HBM) Shares Gap Down to $7.65

Shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) gapped down before the market opened on Tuesday . The stock had previously closed at $7.65, but opened at $7.42. Hudbay Minerals shares last traded at $7.35, with a volume of 683,050 shares trading hands.

Analyst Upgrades and Downgrades

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

Hudbay Minerals Stock Down 1.2 %

The firm has a market cap of $2.65 billion, a P/E ratio of 38.25, a P/E/G ratio of 0.75 and a beta of 1.95. The firm’s fifty day moving average is $6.39 and its 200 day moving average is $5.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 1.25.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Friday, February 23rd. The mining company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $602.20 million for the quarter, compared to the consensus estimate of $552.74 million. Hudbay Minerals had a return on equity of 3.86% and a net margin of 3.95%. The firm’s revenue for the quarter was up 87.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 earnings per share. As a group, equities research analysts anticipate that Hudbay Minerals Inc. will post 0.44 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. Investors of record on Tuesday, March 5th were given a dividend of $0.0074 per share. This represents a yield of 0.3%. The ex-dividend date was Monday, March 4th. Hudbay Minerals’s dividend payout ratio is 5.00%.

Institutional Investors Weigh In On Hudbay Minerals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Banque Cantonale Vaudoise grew its position in Hudbay Minerals by 38.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock valued at $45,000 after purchasing an additional 1,806 shares during the period. Wells Fargo & Company MN boosted its stake in Hudbay Minerals by 29.7% during the 2nd quarter. Wells Fargo & Company MN now owns 10,043 shares of the mining company’s stock valued at $48,000 after purchasing an additional 2,300 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Hudbay Minerals by 22.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,916 shares of the mining company’s stock worth $62,000 after purchasing an additional 2,350 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Hudbay Minerals by 1.0% in the third quarter. Legal & General Group Plc now owns 248,094 shares of the mining company’s stock worth $1,213,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Hudbay Minerals by 5.8% in the fourth quarter. Barclays PLC now owns 66,840 shares of the mining company’s stock valued at $369,000 after purchasing an additional 3,686 shares in the last quarter. Institutional investors own 57.82% of the company’s stock.

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.