Citigroup Initiates Coverage on HudBay Minerals (NYSE:HBM)

Citigroup started coverage on shares of HudBay Minerals (NYSE:HBM) (TSE:HBM) in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $23.00 price target on the mining company’s stock. Citigroup’s price target suggests a potential upside of 21.55% from the stock’s previous close.

A number of other brokerages also recently commented on HBM. Weiss Ratings reissued a “buy (b-)” rating on shares of HudBay Minerals in a research report on Wednesday, October 8th. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, October 28th. Bank of America increased their price objective on shares of HudBay Minerals from $16.50 to $19.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Zacks Research downgraded shares of HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. Finally, Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $21.25.

HudBay Minerals Trading Up 1.9%

Shares of HBM traded up $0.35 during midday trading on Monday, reaching $18.92. The company had a trading volume of 368,858 shares, compared to its average volume of 7,077,913. HudBay Minerals has a 1-year low of $5.95 and a 1-year high of $19.30. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18. The firm has a 50 day simple moving average of $16.50 and a 200-day simple moving average of $13.13. The stock has a market cap of $7.50 billion, a PE ratio of 16.27 and a beta of 1.39.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data 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). HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. The firm had revenue of $346.80 million during the quarter, compared to analysts’ expectations of $538.16 million. During the same period in the prior year, the company posted $0.13 EPS. The company’s revenue for the quarter was down 28.6% compared to the same quarter last year. Research analysts forecast that HudBay Minerals will post 0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On HudBay Minerals

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its position in HudBay Minerals by 107.9% in the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock valued at $30,000 after buying an additional 1,033 shares in the last quarter. Quarry LP acquired a new stake in HudBay Minerals in the third quarter worth approximately $38,000. Global Retirement Partners LLC bought a new position in HudBay Minerals during the 3rd quarter valued at $45,000. IFP Advisors Inc bought a new stake in shares of HudBay Minerals in the 3rd quarter worth $45,000. Finally, Banque Cantonale Vaudoise lifted its holdings in shares of HudBay Minerals by 513.5% in the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock valued at $48,000 after buying an additional 2,655 shares during the period. 57.82% of the stock is owned by institutional investors and hedge funds.

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.