HudBay Minerals (NYSE:HBM) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of HudBay Minerals (NYSE:HBM) (TSE:HBM) from a buy rating to a hold rating in a research note released on Saturday.

HBM has been the topic of a number of other reports. Bank of America dropped their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Thursday. Barclays upped their price target on HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Weiss Ratings raised HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, HudBay Minerals has a consensus rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Trading Up 2.9%

Shares of HudBay Minerals stock opened at $23.41 on Friday. The business has a fifty day simple moving average of $24.63 and a 200-day simple moving average of $24.15. HudBay Minerals has a fifty-two week low of $9.04 and a fifty-two week high of $32.15. The firm has a market cap of $10.40 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The firm had revenue of $631.30 million for the quarter, compared to analyst estimates of $632.43 million. During the same period in the previous year, the company earned $0.19 earnings per share. HudBay Minerals’s revenue was up 17.7% compared to the same quarter last year. On average, equities analysts forecast that HudBay Minerals will post 1.55 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio (DPR) is 1.18%.

Institutional Investors Weigh In On HudBay Minerals

Several hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its stake in HudBay Minerals by 107.9% during the 3rd 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 acquired a new stake in shares of HudBay Minerals in the third quarter worth $38,000. IFP Advisors Inc acquired a new stake in shares of HudBay Minerals in the third quarter worth $45,000. Banque Cantonale Vaudoise grew its holdings 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 valued at $48,000 after buying an additional 2,655 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of HudBay Minerals during the fourth quarter valued at $71,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

About HudBay Minerals

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.