HudBay Minerals (NYSE:HBM) Shares Up 7.4% Following Analyst Upgrade

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shares were up 7.4% on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $22.31 and last traded at $22.3910. 1,062,340 shares were traded during mid-day trading, a decline of 82% from the average session volume of 5,808,536 shares. The stock had previously closed at $20.84.

Several other research analysts have also recently weighed in on HBM. Bank of America dropped their price objective on shares of 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 restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Citigroup reiterated a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Finally, Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, HudBay Minerals presently has an average rating of “Moderate Buy” and an average target price of $31.33.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds and other institutional investors have recently made changes to their positions in HBM. Allworth Financial LP raised its stake in shares of HudBay Minerals by 107.9% in the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock valued at $30,000 after purchasing an additional 1,033 shares during the period. Quarry LP acquired a new position in shares of HudBay Minerals during the third quarter worth about $38,000. IFP Advisors Inc bought a new position in shares of HudBay Minerals during the third quarter worth about $45,000. Banque Cantonale Vaudoise raised its position in HudBay Minerals by 513.5% in the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock valued at $48,000 after buying an additional 2,655 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in HudBay Minerals in the 4th quarter valued at approximately $71,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

HudBay Minerals Stock Performance

The firm has a market cap of $10.45 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48. The stock has a 50-day moving average of $25.00 and a 200-day moving average of $24.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 EPS. As a group, analysts anticipate that HudBay Minerals Inc will post 1.61 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

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

HudBay Minerals Company Profile

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.