HudBay Minerals (NYSE:HBM) Stock Price Up 7.4% Following Analyst Upgrade

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) were up 7.4% during trading on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $22.31 and last traded at $22.3910. 1,062,340 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 5,808,536 shares. The stock had previously closed at $20.84.

Other equities analysts have also recently issued research reports about the stock. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Barclays lifted their target price on HudBay Minerals from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.33.

Hedge Funds Weigh In On HudBay Minerals

Several large investors have recently bought and sold shares of HBM. 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 during the last quarter. Quarry LP acquired a new stake in HudBay Minerals during the 3rd quarter worth approximately $38,000. IFP Advisors Inc purchased a new stake in shares of HudBay Minerals during the 3rd quarter valued at about $45,000. Banque Cantonale Vaudoise lifted its stake 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 worth $48,000 after acquiring an additional 2,655 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of HudBay Minerals by 131.6% in the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after acquiring an additional 3,733 shares in the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

HudBay Minerals Stock Up 7.9%

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. The stock has a market cap of $9.99 billion, a P/E ratio of 13.57, a PEG ratio of 0.30 and a beta of 1.48. The stock’s fifty day simple moving average is $25.17 and its 200-day simple moving average is $24.05.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.06. The business had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business’s revenue was up 27.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, research analysts anticipate that HudBay Minerals Inc will post 1.61 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Tuesday, June 9th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $0.04 annualized dividend and a yield of 0.2%. HudBay Minerals’s dividend payout ratio (DPR) is currently 1.81%.

HudBay Minerals Company Profile

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.