HudBay Minerals (NYSE:HBM) Shares Gap Down – What’s Next?

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) gapped down before the market opened on Thursday . The stock had previously closed at $28.82, but opened at $26.59. HudBay Minerals shares last traded at $26.5340, with a volume of 629,037 shares trading hands.

Analyst Upgrades and Downgrades

HBM has been the subject of several research analyst reports. Citigroup restated a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Barclays increased their target price on HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Bank of America lowered their price target on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Weiss Ratings lowered HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Trading Down 0.6%

The firm has a market capitalization of $11.76 billion, a P/E ratio of 15.58, a PEG ratio of 0.43 and a beta of 1.54. The business has a 50-day moving average price of $25.40 and a 200-day moving average price of $24.75. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $631.30 million for the quarter, compared to analyst estimates of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The company’s revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS. Analysts anticipate that HudBay Minerals Inc will post 1.48 earnings per share for the current year.

HudBay Minerals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio is currently 1.76%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. First Trust Advisors LP grew its holdings in HudBay Minerals by 35.3% during the 1st quarter. First Trust Advisors LP now owns 229,948 shares of the mining company’s stock worth $4,814,000 after acquiring an additional 60,025 shares during the period. Bank of America Corp DE lifted its stake in shares of HudBay Minerals by 53.3% in the 1st quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock valued at $39,369,000 after purchasing an additional 655,308 shares during the period. Goehring & Rozencwajg Associates LLC boosted its position in shares of HudBay Minerals by 6.6% in the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock worth $16,380,000 after purchasing an additional 51,387 shares during the last quarter. Ceredex Value Advisors LLC acquired a new stake in shares of HudBay Minerals during the second quarter worth $12,458,000. Finally, Royal Bank of Canada grew its stake in shares of HudBay Minerals by 7.8% during the first quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company’s stock worth $172,526,000 after purchasing an additional 597,422 shares during the period. Institutional investors own 57.82% of the company’s stock.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development and operation of copper assets. The company also produces gold, zinc, silver and molybdenum as byproducts or additional products from its mining operations.

Hudbay operates the Constancia open-pit copper-molybdenum mine in southern Peru, along with the nearby Pampacancha satellite deposit. In Manitoba, Canada, the company operates the Lalor polymetallic mine and the Snow Lake processing facilities, which produce copper, zinc, gold and silver.