HudBay Minerals (NYSE:HBM) Stock Price Down 7% – Here’s What Happened

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) was down 7% on Wednesday . The stock traded as low as $20.14 and last traded at $20.0320. Approximately 1,196,592 shares traded hands during trading, a decline of 80% from the average session volume of 5,922,818 shares. The stock had previously closed at $21.55.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on HBM. Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a report on Thursday, June 25th. Barclays assumed coverage on shares of HudBay Minerals in a research report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price objective on the stock. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Bank of America cut their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday. Finally, Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.67.

HudBay Minerals Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20. The firm has a market capitalization of $9.51 billion, a P/E ratio of 12.92, a PEG ratio of 0.24 and a beta of 1.48. The company’s 50 day moving average price is $25.52 and its 200 day moving average price is $23.97.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to analysts’ expectations of $684.73 million. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. HudBay Minerals’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 EPS. As a group, sell-side analysts anticipate that HudBay Minerals Inc will post 1.63 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th were paid 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 1.81%.

Hedge Funds Weigh In On HudBay Minerals

Several hedge funds have recently added to or reduced their stakes in HBM. FIL Ltd lifted its position in HudBay Minerals by 202.0% during the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after purchasing an additional 22,169,339 shares during the period. Invesco Ltd. grew its position in shares of HudBay Minerals by 0.4% during the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock worth $172,693,000 after buying an additional 46,948 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of HudBay Minerals by 10.4% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock worth $159,111,000 after buying an additional 986,278 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of HudBay Minerals by 116.1% during the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock worth $202,327,000 after buying an additional 5,468,109 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in HudBay Minerals by 15.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 9,457,298 shares of the mining company’s stock valued at $187,743,000 after buying an additional 1,293,023 shares during the period. Institutional investors 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.