HudBay Minerals Inc. (HBM) Upgraded at Zacks Investment Research
HudBay Minerals Inc. (NYSE:HBM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $4.25 price target on the mining company’s stock. Zacks Investment Research’s target price would suggest a potential upside of 13.64% from the stock’s current price.
According to Zacks, “HudBay Minerals Inc. is a mining company and engages in discovery, production and marketing of base metals in North and Central America. It owns zinc and copper mines, concentrators and metal production facilities in northern Manitoba and Saskatchewan, zinc oxide production facility in Ontario, copper refinery in Michigan and nickel project in Guatemala. In addition to its primary products, zinc and copper, HudBay also produces gold, silver and zinc oxide. HudBay Minerals Inc. is headquartered in Toronto, Canada. “
Several other equities analysts have also recently issued reports on HBM. Credit Suisse Group AG cut HudBay Minerals from an “outperform” rating to a “neutral” rating in a research note on Thursday, July 28th. Scotiabank reaffirmed an “outperform” rating and issued a $8.00 price target on shares of HudBay Minerals in a research note on Thursday, July 28th. BMO Capital Markets cut HudBay Minerals from an “outperform” rating to a “market perform” rating and set a $7.50 price target on the stock. in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Barclays PLC reaffirmed an “underweight” rating on shares of HudBay Minerals in a research note on Wednesday, August 3rd. Finally, RBC Capital Markets reaffirmed an “outperform” rating and issued a $8.00 price target (up from $7.50) on shares of HudBay Minerals in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $7.04.
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Shares of HudBay Minerals (NYSE:HBM) traded down 2.35% during mid-day trading on Wednesday, hitting $3.74. 187,836 shares of the stock were exchanged. The stock’s market capitalization is $883.50 million. HudBay Minerals has a 12-month low of $1.56 and a 12-month high of $5.74. The stock’s 50 day moving average price is $4.01 and its 200-day moving average price is $4.31.
HudBay Minerals (NYSE:HBM) last posted its earnings results on Wednesday, July 27th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.07. HudBay Minerals had a negative net margin of 26.09% and a positive return on equity of 0.50%. The business had revenue of $247 million for the quarter, compared to analysts’ expectations of $249.18 million. During the same period last year, the firm posted ($0.24) earnings per share. HudBay Minerals’s quarterly revenue was up 63.7% on a year-over-year basis. On average, equities research analysts expect that HudBay Minerals will post $0.07 EPS for the current fiscal year.
The firm also recently declared a semiannual dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 9th were issued a dividend of $0.0076 per share. This is an increase from HudBay Minerals’s previous semiannual dividend of $0.01. This represents a dividend yield of 0.3%. The ex-dividend date of this dividend was Wednesday, September 7th. HudBay Minerals’s dividend payout ratio is presently -1.63%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors increased its position in shares of HudBay Minerals by 1.1% in the first quarter. BlackRock Fund Advisors now owns 49,772 shares of the mining company’s stock worth $183,000 after buying an additional 535 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of HudBay Minerals by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 128,059 shares of the mining company’s stock worth $612,000 after buying an additional 2,400 shares during the last quarter. PineBridge Investments L.P. increased its position in shares of HudBay Minerals by 16.2% in the second quarter. PineBridge Investments L.P. now owns 65,773 shares of the mining company’s stock worth $406,000 after buying an additional 9,160 shares during the last quarter. AXA increased its position in shares of HudBay Minerals by 8.7% in the second quarter. AXA now owns 222,000 shares of the mining company’s stock worth $1,055,000 after buying an additional 17,700 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of HudBay Minerals by 37.5% in the second quarter. Cubist Systematic Strategies LLC now owns 111,200 shares of the mining company’s stock worth $529,000 after buying an additional 30,314 shares during the last quarter. 66.87% of the stock is currently owned by hedge funds and other institutional investors.
HudBay Minerals Company Profile
HudBay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.
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