HudBay Minerals (NYSE:HBM) Downgraded to Hold Rating by Zacks Research

HudBay Minerals (NYSE:HBM) (TSE:HBM) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. National Bankshares reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, August 14th. CIBC restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, July 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of HudBay Minerals in a research note on Wednesday, October 8th. Bank of America increased their price target on shares of HudBay Minerals from $16.50 to $19.50 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $19.50.

HudBay Minerals Stock Up 2.7%

Shares of NYSE:HBM opened at $17.04 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 0.86. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of 23.35 and a beta of 1.58. The company has a 50 day moving average of $15.23 and a 200-day moving average of $11.65. HudBay Minerals has a one year low of $5.95 and a one year high of $17.73.

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 13.13% and a return on equity of 10.73%. The business had revenue of $346.80 million during the quarter, compared to the consensus estimate of $538.16 million. During the same period in the previous year, the business posted $0.13 earnings per share. HudBay Minerals’s revenue was down 28.6% compared to the same quarter last year. On average, sell-side analysts forecast that HudBay Minerals will post 0.79 earnings per share for the current year.

Hedge Funds Weigh In On HudBay Minerals

Institutional investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. increased its holdings in HudBay Minerals by 12.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,650,409 shares of the mining company’s stock valued at $28,142,000 after buying an additional 285,500 shares during the period. Texas Bank & Trust Co bought a new stake in shares of HudBay Minerals during the 2nd quarter worth approximately $273,000. Ausbil Investment Management Ltd boosted its position in shares of HudBay Minerals by 71.4% during the 2nd quarter. Ausbil Investment Management Ltd now owns 60,000 shares of the mining company’s stock worth $635,000 after acquiring an additional 25,000 shares in the last quarter. Millennium Management LLC boosted its position in shares of HudBay Minerals by 298.5% during the 1st quarter. Millennium Management LLC now owns 6,115,053 shares of the mining company’s stock worth $46,411,000 after acquiring an additional 4,580,718 shares in the last quarter. Finally, Yaupon Capital Management LP increased its stake in HudBay Minerals by 21.9% in the first quarter. Yaupon Capital Management LP now owns 1,777,347 shares of the mining company’s stock valued at $13,490,000 after acquiring an additional 318,991 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

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.