HudBay Minerals (NYSE:HBM) Shares Gap Up – Here’s Why

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) gapped up prior to trading on Wednesday . The stock had previously closed at $16.44, but opened at $17.06. HudBay Minerals shares last traded at $16.9860, with a volume of 1,017,886 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on HBM. Weiss Ratings restated a “buy (b-)” rating on shares of HudBay Minerals in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. The Goldman Sachs Group started coverage on shares of HudBay Minerals in a report on Monday, September 8th. They set a “buy” rating on the stock. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, October 28th. Finally, Bank of America lifted their target price on shares of HudBay Minerals from $16.50 to $19.50 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $19.50.

HudBay Minerals Price Performance

The company has a current ratio of 0.97, a quick ratio of 0.76 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average is $15.91 and its 200 day moving average is $12.47. The company has a market cap of $6.82 billion, a P/E ratio of 14.83 and a beta of 1.39.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, November 12th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm had revenue of $346.80 million during the quarter, compared to analysts’ expectations of $538.16 million. HudBay Minerals had a return on equity of 8.89% and a net margin of 22.38%.The business’s quarterly revenue was down 28.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 earnings per share. As a group, sell-side analysts anticipate that HudBay Minerals Inc will post 0.79 EPS for the current year.

Hedge Funds Weigh In On HudBay Minerals

Several large investors have recently modified their holdings of the business. Allworth Financial LP raised its position in shares of HudBay Minerals by 107.9% in the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock valued at $30,000 after purchasing an additional 1,033 shares during the period. Quarry LP purchased a new position in HudBay Minerals in the 3rd quarter valued at approximately $38,000. Global Retirement Partners LLC purchased a new position in HudBay Minerals in the 3rd quarter valued at approximately $45,000. IFP Advisors Inc purchased a new stake in shares of HudBay Minerals during the third quarter worth $45,000. Finally, Banque Cantonale Vaudoise lifted its position in shares of HudBay Minerals by 513.5% during the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after acquiring an additional 2,655 shares in the last quarter. Hedge funds and other 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.