HudBay Minerals (NYSE:HBM) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

HudBay Minerals (NYSE:HBM) (TSE:HBM) released its earnings results on Wednesday. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03), Zacks reports. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.HudBay Minerals’s revenue for the quarter was down 28.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 earnings per share.

HudBay Minerals Stock Up 2.8%

Shares of NYSE HBM traded up $0.46 during mid-day trading on Wednesday, reaching $17.05. The company had a trading volume of 10,852,225 shares, compared to its average volume of 7,352,309. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.03. HudBay Minerals has a twelve month low of $5.95 and a twelve month high of $17.73. The stock’s 50 day moving average is $15.14 and its 200-day moving average is $11.61. The stock has a market capitalization of $6.75 billion, a PE ratio of 23.38 and a beta of 1.58.

Institutional Investors Weigh In On HudBay Minerals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in HudBay Minerals by 144.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock valued at $55,264,000 after buying an additional 4,299,428 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in HudBay Minerals in the 2nd quarter valued at about $21,698,000. Man Group plc lifted its holdings in HudBay Minerals by 75.7% during the 2nd quarter. Man Group plc now owns 2,097,887 shares of the mining company’s stock worth $22,245,000 after buying an additional 903,623 shares in the last quarter. Balyasny Asset Management L.P. increased its position in HudBay Minerals by 2,021.7% in the second quarter. Balyasny Asset Management L.P. now owns 811,070 shares of the mining company’s stock worth $8,605,000 after purchasing an additional 772,843 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of HudBay Minerals during the second quarter worth approximately $6,874,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, October 28th. Weiss Ratings restated a “buy (b-)” rating on shares of HudBay Minerals in a research note on Wednesday, October 8th. CIBC reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Zacks Research upgraded HudBay Minerals from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Finally, National Bankshares reissued an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, August 14th. Three analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to MarketBeat.com, HudBay Minerals currently has an average rating of “Buy” and an average target price of $19.50.

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.