Hudbay Minerals (NYSE:HBM) Shares Gap Down to $7.65

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.65, but opened at $7.42. Hudbay Minerals shares last traded at $7.35, with a volume of 683,050 shares changing hands.

Analysts Set New Price Targets

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

Hudbay Minerals Stock Performance

The business’s 50-day moving average is $6.48 and its 200 day moving average is $5.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 1.25. The company has a market cap of $2.67 billion, a PE ratio of 38.00, a PEG ratio of 0.75 and a beta of 1.95.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. Hudbay Minerals had a return on equity of 3.86% and a net margin of 3.95%. The business had revenue of $602.20 million for the quarter, compared to analyst estimates of $552.74 million. During the same period last year, the company earned $0.01 EPS. Hudbay Minerals’s revenue for the quarter was up 87.5% compared to the same quarter last year. On average, equities research analysts predict that Hudbay Minerals Inc. will post 0.44 EPS for the current fiscal year.

Hudbay Minerals Cuts Dividend

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

Hedge Funds Weigh In On Hudbay Minerals

Hedge funds have recently made changes to their positions in the business. Galibier Capital Management Ltd. purchased a new position in Hudbay Minerals during the 1st quarter valued at $12,604,000. Register Financial Advisors LLC purchased a new position in shares of Hudbay Minerals during the first quarter valued at about $35,000. Counterpoint Mutual Funds LLC bought a new position in Hudbay Minerals in the first quarter worth about $130,000. Ballentine Partners LLC purchased a new stake in Hudbay Minerals in the first quarter worth about $85,000. Finally, Banque Cantonale Vaudoise boosted its position in Hudbay Minerals by 38.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock valued at $45,000 after acquiring an additional 1,806 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

Hudbay Minerals Company Profile

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.