Brokers Set Expectations for Hudbay Minerals Inc.’s Q2 2024 Earnings (NYSE:HBM)

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Investment analysts at Raymond James lifted their Q2 2024 earnings estimates for shares of Hudbay Minerals in a research report issued on Monday, April 22nd. Raymond James analyst F. Hamed now forecasts that the mining company will post earnings per share of $0.08 for the quarter, up from their previous forecast of $0.01. Raymond James has a “Outperform” rating and a $10.50 price target on the stock. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.42 per share. Raymond James also issued estimates for Hudbay Minerals’ Q3 2024 earnings at $0.10 EPS and FY2024 earnings at $0.49 EPS.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data 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 net margin of 3.95% and a return on equity of 3.86%. The company had revenue of $602.20 million for the quarter, compared to the consensus estimate of $552.74 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The business’s revenue was up 87.5% compared to the same quarter last year.

HBM has been the topic of several other reports. Bank of America upgraded shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 target price on the stock in a research report on Tuesday, April 9th. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Finally, 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. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $9.75.

Hudbay Minerals Price Performance

Shares of Hudbay Minerals stock opened at $7.74 on Thursday. 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 firm’s 50-day simple moving average is $6.73 and its 200-day simple moving average is $5.58. Hudbay Minerals has a twelve month low of $3.94 and a twelve month high of $8.11. The firm has a market cap of $2.72 billion, a P/E ratio of 38.70, a price-to-earnings-growth ratio of 0.79 and a beta of 1.95.

Hudbay Minerals Cuts Dividend

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

Hedge Funds Weigh In On Hudbay Minerals

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position 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 in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Hudbay Minerals during the third quarter worth approximately $610,000. Cumberland Partners Ltd raised its stake in shares of Hudbay Minerals by 31.3% during the third quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock worth $3,348,000 after buying an additional 163,500 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of Hudbay Minerals by 19.6% during the third quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock worth $3,657,000 after buying an additional 122,540 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Hudbay Minerals by 18.5% during 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 during the last quarter. 57.82% of the stock is currently owned by institutional investors and hedge funds.

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.