HudBay Minerals (NYSE:HBM) Price Target Lowered to $29.50 at Bank of America

HudBay Minerals (NYSE:HBM) (TSE:HBM) had its price target reduced by Bank of America from $33.50 to $29.50 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the mining company’s stock.

Several other equities research analysts have also recently issued reports on HBM. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Barclays assumed coverage on HudBay Minerals in a research note on Thursday, May 21st. They issued an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research report on Monday. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 29th. Finally, Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, HudBay Minerals has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

HudBay Minerals Stock Performance

HudBay Minerals stock opened at $21.58 on Thursday. The firm has a 50 day simple moving average of $25.52 and a 200-day simple moving average of $23.97. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 0.24 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. HudBay Minerals has a 1-year low of $8.93 and a 1-year high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The firm had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. During the same quarter in the previous year, the company earned $0.24 EPS. The business’s revenue for the quarter was up 27.3% compared to the same quarter last year. On average, analysts expect that HudBay Minerals will post 1.63 EPS for the current year.

HudBay Minerals Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Acasta Partners UK LLP increased its stake in HudBay Minerals by 9.4% during the 2nd quarter. Acasta Partners UK LLP now owns 112,352 shares of the mining company’s stock worth $2,651,000 after buying an additional 9,652 shares during the period. Empowered Funds LLC boosted its position in HudBay Minerals by 53.1% in the 1st quarter. Empowered Funds LLC now owns 36,598 shares of the mining company’s stock valued at $765,000 after buying an additional 12,695 shares during the period. NewEdge Advisors LLC boosted its position in HudBay Minerals by 5,677.7% in the 1st quarter. NewEdge Advisors LLC now owns 27,502 shares of the mining company’s stock valued at $575,000 after buying an additional 27,026 shares during the period. Bank of America Corp DE grew its stake in shares of HudBay Minerals by 53.3% in the first quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock worth $39,369,000 after acquiring an additional 655,308 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of HudBay Minerals in the first quarter worth $25,995,000. Institutional investors and hedge funds own 57.82% of the company’s stock.

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.