Hudbay Minerals Inc. (NYSE:HBM) to Post FY2024 Earnings of $0.53 Per Share, Cormark Forecasts

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Equities research analysts at Cormark raised their FY2024 EPS estimates for Hudbay Minerals in a research note issued on Monday, April 29th. Cormark analyst S. Ioannou now anticipates that the mining company will post earnings of $0.53 per share for the year, up from their previous forecast of $0.47. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.39 per share.

Several other brokerages have also recently weighed in on HBM. Raymond James boosted their price objective on Hudbay Minerals from $9.00 to $10.50 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Bank of America upgraded Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price target for the company in a research report on Tuesday, April 9th. Stifel Nicolaus initiated coverage on shares of Hudbay Minerals in a research note on Tuesday, March 26th. They set a “buy” rating for the company. Finally, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $9.75.

Hudbay Minerals Trading Down 1.1 %

HBM stock opened at $8.33 on Wednesday. The firm has a fifty day moving average price of $6.98 and a 200 day moving average price of $5.70. Hudbay Minerals has a fifty-two week low of $3.94 and a fifty-two week high of $8.85. The firm has a market cap of $2.92 billion, a PE ratio of 41.65, a price-to-earnings-growth ratio of 0.97 and a beta of 1.95. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 1.25.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $602.20 million during the quarter, compared to analysts’ expectations of $552.74 million. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. Hudbay Minerals’s quarterly revenue was up 87.5% on a year-over-year basis. During the same period last year, the company posted $0.01 earnings per share.

Hudbay Minerals Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 5th were issued a $0.0074 dividend. The ex-dividend date was Monday, March 4th. This represents a yield of 0.3%. Hudbay Minerals’s dividend payout ratio is presently 5.00%.

Institutional Investors Weigh In On Hudbay Minerals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Hudbay Minerals by 28.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock worth $51,836,000 after purchasing an additional 2,085,641 shares during the period. Jennison Associates LLC boosted its holdings in Hudbay Minerals by 10.6% in the fourth quarter. Jennison Associates LLC now owns 1,464,679 shares of the mining company’s stock valued at $8,059,000 after purchasing an additional 140,312 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in Hudbay Minerals during the 3rd quarter worth about $610,000. Cumberland Partners Ltd grew its position in Hudbay Minerals by 31.3% during the 3rd quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock worth $3,348,000 after purchasing an additional 163,500 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of Hudbay Minerals by 19.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock valued at $3,657,000 after buying an additional 122,540 shares during the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

About Hudbay Minerals

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.