Scotiabank Forecasts Increased Earnings for HudBay Minerals

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) – Equities researchers at Scotiabank increased their FY2027 EPS estimates for HudBay Minerals in a report issued on Thursday, October 22nd. Scotiabank analyst O. Wowkodaw now forecasts that the mining company will earn $1.97 per share for the year, up from their prior estimate of $1.96. Scotiabank has an “Outperform” rating on the stock. The consensus estimate for HudBay Minerals’ current full-year earnings is $1.40 per share.

A number of other research firms have also commented on HBM. Bank of America decreased their price objective on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research note on Thursday, July 9th. Wall Street Zen downgraded shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Sunday. Barclays reissued an “overweight” rating on shares of HudBay Minerals in a research note on Tuesday, October 6th. Citigroup restated a “positive” rating on shares of HudBay Minerals 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 report on Thursday, October 8th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, HudBay Minerals presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Stock Up 0.8%

HBM stock opened at $22.16 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.93. The firm has a market capitalization of $9.84 billion, a P/E ratio of 13.03, a P/E/G ratio of 0.40 and a beta of 1.58. HudBay Minerals has a 52-week low of $14.34 and a 52-week high of $32.15. The company’s 50 day simple moving average is $26.58 and its 200-day simple moving average is $24.82.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. The business had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. During the same period last year, the firm posted $0.19 earnings per share. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year.

Hedge Funds Weigh In On HudBay Minerals

A number of large investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in shares of HudBay Minerals by 7.8% in the first quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company’s stock worth $172,526,000 after purchasing an additional 597,422 shares in the last quarter. Wellington Management Group LLP purchased a new position in HudBay Minerals during the second quarter valued at approximately $130,557,000. William Blair Investment Management LLC purchased a new position in HudBay Minerals during the second quarter valued at approximately $99,536,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in HudBay Minerals during the second quarter valued at approximately $99,022,000. Finally, Bank of America Corp DE acquired a new position in HudBay Minerals in the 2nd quarter valued at approximately $96,341,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development, and operation of copper, gold, zinc, and silver deposits. Copper is its principal product, with associated precious and base metals produced from several of its operations.

The company operates in Canada, Peru, and the United States. Its assets include the Constancia copper-molybdenum mine in southern Peru; the Snow Lake operations in Manitoba, which produce copper, gold, zinc, and silver; and the Copper Mountain mine in British Columbia.