HudBay Minerals (NYSE:HBM) Trading Up 7.8% – Here’s What Happened

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) rose 7.8% on Tuesday . The company traded as high as $22.75 and last traded at $22.5010. Approximately 830,768 shares traded hands during trading, a decline of 86% from the average session volume of 5,870,404 shares. The stock had previously closed at $20.87.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HBM. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Barclays assumed coverage on HudBay Minerals in a research report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price target on the stock. Bank of America cut their price objective on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Finally, Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.67.

HudBay Minerals Trading Up 7.3%

The company has a market cap of $9.95 billion, a P/E ratio of 13.47, a P/E/G ratio of 0.33 and a beta of 1.48. The company has a quick ratio of 1.20, a current ratio of 1.36 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $25.46 and a two-hundred day moving average price of $23.99.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.06. The business had revenue of $757.30 million for the quarter, compared to analysts’ expectations of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.24 earnings per share. On average, analysts predict that HudBay Minerals Inc will post 1.58 EPS for the current year.

HudBay Minerals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th were given a dividend of $0.01 per share. The ex-dividend date was Tuesday, June 9th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. HudBay Minerals’s payout ratio is presently 1.81%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HBM. FIL Ltd grew its stake in shares of HudBay Minerals by 202.0% during the fourth 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. Arrowstreet Capital Limited Partnership acquired a new position in HudBay Minerals in the third quarter valued at about $123,736,000. Mackenzie Financial Corp lifted its stake 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 valued at $202,327,000 after buying an additional 5,468,109 shares during the period. Norges Bank bought a new position in HudBay Minerals during the fourth quarter worth about $105,315,000. Finally, Goldman Sachs Group Inc. boosted its holdings in HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after buying an additional 4,299,428 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors.

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.