HudBay Minerals (NYSE:HBM) Trading Down 8.4% – Here’s What Happened

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) traded down 8.4% during mid-day trading on Thursday . The stock traded as low as $17.50 and last traded at $18.2050. 6,790,563 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 6,396,178 shares. The stock had previously closed at $19.88.

Analyst Upgrades and Downgrades

HBM has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, January 15th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Monday, January 26th. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Wednesday, January 14th. Wall Street Zen downgraded HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research note on Sunday, December 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.00.

HudBay Minerals Trading Down 8.4%

The company’s fifty day simple moving average is $24.35 and its two-hundred day simple moving average is $19.14. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 0.29 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 0.18.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings data on Friday, February 20th. The mining company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.18). The firm had revenue of $732.90 million during the quarter, compared to the consensus estimate of $730.13 million. HudBay Minerals had a net margin of 25.71% and a return on equity of 8.91%. HudBay Minerals’s quarterly revenue was up 25.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. Research analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The firm also recently declared a dividend, which will be paid on Friday, March 27th. Stockholders of record on Tuesday, March 10th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a dividend yield of 9.0%. HudBay Minerals’s dividend payout ratio (DPR) is currently 0.70%.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its position in HudBay Minerals by 131.6% during 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 during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after purchasing an additional 4,299,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in HudBay Minerals by 6.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock worth $3,337,000 after purchasing an additional 27,944 shares during the last quarter. Envestnet Asset Management Inc. grew its position in HudBay Minerals by 45.6% in the second quarter. Envestnet Asset Management Inc. now owns 51,581 shares of the mining company’s stock valued at $547,000 after purchasing an additional 16,149 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in HudBay Minerals by 7.4% in the second quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company’s stock valued at $2,363,000 after purchasing an additional 15,235 shares in the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

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.