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

Shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) gapped down prior to trading 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

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

Hudbay Minerals Price Performance

The stock has a market capitalization of $2.65 billion, a P/E ratio of 38.25, a price-to-earnings-growth ratio of 0.75 and a beta of 1.95. The business has a fifty day simple moving average of $6.39 and a 200 day simple moving average of $5.43. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.61.

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

Hudbay Minerals Cuts Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in Hudbay Minerals by 28.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock valued at $51,836,000 after buying an additional 2,085,641 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Hudbay Minerals in the 3rd quarter valued at $610,000. Cumberland Partners Ltd boosted its holdings in Hudbay Minerals by 31.3% in the 3rd quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock valued at $3,348,000 after purchasing an additional 163,500 shares during the period. Public Sector Pension Investment Board grew its position 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 purchasing an additional 122,540 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Hudbay Minerals by 18.5% in the third quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock worth $6,451,000 after buying an additional 206,601 shares in the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

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.