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.

Wall Street Analysts Forecast Growth

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

Hudbay Minerals Price Performance

The stock has a 50 day moving average of $6.48 and a 200-day moving average of $5.47. The stock has a market capitalization of $2.67 billion, a P/E ratio of 38.00, a price-to-earnings-growth ratio of 0.75 and a beta of 1.95. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.61.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $602.20 million during 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 business’s revenue for the quarter was up 87.5% compared to the same quarter last year. During the same period last year, the company earned $0.01 earnings per share. On average, 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 business also recently announced a semi-annual dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 5th were paid a $0.0074 dividend. The ex-dividend date was Monday, March 4th. This represents a yield of 0.3%. Hudbay Minerals’s dividend payout ratio is currently 5.00%.

Institutional Trading of Hudbay Minerals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its position in Hudbay Minerals by 28.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock valued at $51,836,000 after purchasing an additional 2,085,641 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Hudbay Minerals in the third quarter worth about $610,000. Cumberland Partners Ltd lifted its stake in Hudbay Minerals by 31.3% in the third quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock worth $3,348,000 after acquiring an additional 163,500 shares during the period. Public Sector Pension Investment Board grew its holdings in Hudbay Minerals by 19.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock worth $3,657,000 after acquiring an additional 122,540 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Hudbay Minerals by 18.5% during the 3rd quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock valued at $6,451,000 after purchasing an additional 206,601 shares during the period. 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.