HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $8.75 price target on the mining company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.46% from the company’s previous close.

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. “

A number of other research analysts have also recently commented on HBM. BidaskClub upgraded HudBay Minerals from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. ValuEngine cut HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Raymond James Financial, Inc. restated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, August 15th. TheStreet upgraded HudBay Minerals from a “d+” rating to a “c-” rating in a research note on Monday, August 14th. Finally, J P Morgan Chase & Co upgraded HudBay Minerals from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $8.89.

HudBay Minerals (NYSE HBM) traded up 0.64% during midday trading on Monday, hitting $7.85. The stock had a trading volume of 840,755 shares. The firm’s 50-day moving average price is $7.83 and its 200 day moving average price is $6.73. HudBay Minerals has a 12 month low of $3.80 and a 12 month high of $9.35. The company has a market cap of $1.86 billion, a P/E ratio of 196.25 and a beta of 3.21.

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A number of hedge funds have recently bought and sold shares of the stock. Bank of Nova Scotia increased its position in HudBay Minerals by 4.5% during the 2nd quarter. Bank of Nova Scotia now owns 67,126 shares of the mining company’s stock valued at $388,000 after buying an additional 2,894 shares in the last quarter. Russell Investments Group Ltd. increased its position in HudBay Minerals by 0.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 653,800 shares of the mining company’s stock valued at $3,771,000 after buying an additional 4,700 shares in the last quarter. Quantbot Technologies LP increased its position in HudBay Minerals by 37.3% during the 2nd quarter. Quantbot Technologies LP now owns 24,912 shares of the mining company’s stock valued at $143,000 after buying an additional 6,769 shares in the last quarter. Advisors Asset Management Inc. increased its position in HudBay Minerals by 13.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 59,518 shares of the mining company’s stock valued at $342,000 after buying an additional 6,969 shares in the last quarter. Finally, QS Investors LLC increased its position in HudBay Minerals by 12.5% during the 2nd quarter. QS Investors LLC now owns 63,100 shares of the mining company’s stock valued at $363,000 after buying an additional 7,000 shares in the last quarter. 64.86% of the stock is owned by 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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