Buenaventura Mining Company Inc. (BVN) Upgraded to Buy at Zacks Investment Research
Buenaventura Mining Company Inc. (NYSE:BVN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $16.00 price objective on the mining company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.52% from the company’s previous close.
According to Zacks, “COMPAÑÍA DE MINAS BUENAVENTURA is a leading mining company producing precious metals and holding mining rights in Peru. Since its inception in 1953, Buenaventura has focused on exploration and exploitation activities both by its own and through joint ventures. Buenaventura also is an important shareholder of Minera Yanacocha S.R.L., one of the leading gold producers in Latin America. “
Several other research analysts also recently commented on the company. Morgan Stanley raised Buenaventura Mining from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $13.00 to $17.30 in a research report on Monday, September 25th. BidaskClub raised Buenaventura Mining from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Finally, Credit Suisse Group reaffirmed a “hold” rating on shares of Buenaventura Mining in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $16.13.
Buenaventura Mining (NYSE BVN) traded up 0.14% during mid-day trading on Tuesday, hitting $14.22. 1,433,459 shares of the stock were exchanged. Buenaventura Mining has a one year low of $9.87 and a one year high of $14.96. The company’s market cap is $4.38 billion. The company has a 50-day moving average price of $13.60 and a 200-day moving average price of $12.53.
Buenaventura Mining (NYSE:BVN) last posted its earnings results on Thursday, July 27th. The mining company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.24). Buenaventura Mining had a negative return on equity of 11.01% and a negative net margin of 33.54%. The company had revenue of $256.73 million during the quarter, compared to analyst estimates of $327.50 million. During the same quarter last year, the firm posted $0.22 earnings per share. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. On average, analysts predict that Buenaventura Mining will post $0.90 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Buenaventura Mining by 1,334.1% during the first quarter. BlackRock Inc. now owns 15,283,839 shares of the mining company’s stock valued at $184,018,000 after purchasing an additional 14,218,103 shares during the period. Franklin Resources Inc. increased its position in shares of Buenaventura Mining by 9.1% during the second quarter. Franklin Resources Inc. now owns 11,300,823 shares of the mining company’s stock valued at $129,943,000 after purchasing an additional 943,730 shares during the period. FMR LLC increased its position in shares of Buenaventura Mining by 74.5% during the second quarter. FMR LLC now owns 8,204,360 shares of the mining company’s stock valued at $94,351,000 after purchasing an additional 3,502,137 shares during the period. Vanguard Group Inc. increased its position in shares of Buenaventura Mining by 4.1% during the second quarter. Vanguard Group Inc. now owns 6,246,199 shares of the mining company’s stock valued at $71,832,000 after purchasing an additional 245,096 shares during the period. Finally, Macquarie Group Ltd. increased its position in shares of Buenaventura Mining by 39.6% during the second quarter. Macquarie Group Ltd. now owns 4,678,583 shares of the mining company’s stock valued at $53,806,000 after purchasing an additional 1,326,244 shares during the period. Institutional investors and hedge funds own 44.92% of the company’s stock.
About Buenaventura Mining
Compania de Minas Buenaventura SAA. (Buenaventura) is a precious metals company. The Company is engaged in the exploration, mining and processing of gold, silver and other metals in Peru. The Company’s segments include Production and sale of minerals; Exploration and development activities; Construction and engineering services; Energy generation and transmission services; Insurance brokerage; Rental of mining concessions; Holding of investment in shares (mainly in Minera Yanacocha S.R.L.
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