Bank of America Has Lowered Expectations for HudBay Minerals (NYSE:HBM) Stock Price

HudBay Minerals (NYSE:HBM) (TSE:HBM) had its price target cut by investment analysts at Bank of America from $33.50 to $29.50 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the mining company’s stock. Bank of America‘s price target would indicate a potential upside of 36.34% from the company’s previous close.

A number of other equities research analysts have also recently commented on HBM. Wall Street Zen upgraded shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Barclays initiated coverage on shares of HudBay Minerals in a research note on Thursday, May 21st. They issued an “overweight” rating and a $30.00 price objective for the company. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a report on Monday. Finally, Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, HudBay Minerals has an average rating of “Moderate Buy” and an average price target of $30.67.

HudBay Minerals Stock Performance

Shares of HBM opened at $21.64 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. HudBay Minerals has a one year low of $8.93 and a one year high of $32.15. The firm has a market capitalization of $9.61 billion, a P/E ratio of 13.03, a PEG ratio of 0.33 and a beta of 1.48. The business has a fifty day moving average of $25.50 and a 200 day moving average of $23.96.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. The company had revenue of $757.30 million for 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%.HudBay Minerals’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, sell-side analysts anticipate that HudBay Minerals will post 1.59 EPS for the current year.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HBM. FIL Ltd boosted its holdings in shares of HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock worth $658,010,000 after purchasing an additional 22,169,339 shares during the period. Invesco Ltd. raised its holdings in HudBay Minerals by 0.4% during the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after buying an additional 46,948 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in HudBay Minerals by 10.4% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock valued at $159,111,000 after buying an additional 986,278 shares during the period. Mackenzie Financial Corp lifted its position in HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after buying an additional 5,468,109 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in HudBay Minerals by 15.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock worth $187,743,000 after buying an additional 1,293,023 shares during the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting HudBay Minerals

Here are the key news stories impacting HudBay Minerals this week:

• Positive Sentiment: HudBay Minerals secured approval in Peru to expand the Constancia mine, a development that could increase output and extend the mine’s operating life. Hudbay Minerals (TSX:HBM) Secures Peru Approval To Expand Constancia Mine Capacity
• Positive Sentiment: Another article argues the Constancia permit expansion and life-extension could improve the investment case for HudBay by strengthening its long-term production outlook. Constancia Permit Expansion and Life Extension Might Change The Case For Investing In Hudbay Minerals (TSX:HBM)
• Neutral Sentiment: Bank of America lowered its price target on HudBay Minerals to $29.50 from $33.50, but kept a Buy rating, which is a mild valuation headwind but not a bearish call. HudBay Minerals (NYSE:HBM) Price Target Lowered to $29.50 at Bank of America
• Neutral Sentiment: Scotiabank slightly trimmed FY2027 earnings estimates for HudBay, though it maintained an Outperform rating, suggesting only a modest change in expectations. HudBay Minerals Inc. Stock Price, News & Analysis

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.