Hudbay Minerals (NYSE:HBM) Sets New 12-Month High at $8.13

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) shares hit a new 52-week high on Thursday . The stock traded as high as $8.13 and last traded at $8.10, with a volume of 1259787 shares trading hands. The stock had previously closed at $7.74.

Analyst Upgrades and Downgrades

HBM has been the topic of several research analyst reports. Raymond James increased their price objective on shares of Hudbay Minerals from $9.00 to $10.50 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Bank of America upgraded shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price target on the stock in a research note on Tuesday, April 9th. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Finally, Stifel Nicolaus began coverage on shares of Hudbay Minerals in a research note on Tuesday, March 26th. They issued a “buy” rating on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently 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 $2.86 billion, a price-to-earnings ratio of 38.70, a P/E/G ratio of 0.79 and a beta of 1.95. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The business’s 50 day simple moving average is $6.73 and its 200-day simple moving average is $5.58.

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 for the quarter, beating analysts’ consensus estimates 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 period last year, the company posted $0.01 EPS. The firm’s quarterly revenue was up 87.5% compared to the same quarter last year. On average, research analysts forecast that Hudbay Minerals Inc. will post 0.42 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. Stockholders of record on Tuesday, March 5th were paid a $0.0074 dividend. 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 currently 5.00%.

Institutional Investors Weigh In On Hudbay Minerals

Hedge funds have recently made changes to their positions in the stock. Banque Cantonale Vaudoise raised its holdings in Hudbay Minerals by 38.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock valued at $45,000 after buying an additional 1,806 shares during the last quarter. Bank of Nova Scotia raised its holdings in Hudbay Minerals by 19.1% in the 3rd quarter. Bank of Nova Scotia now owns 24,843 shares of the mining company’s stock valued at $121,000 after buying an additional 3,979 shares during the last quarter. Barclays PLC raised its holdings in Hudbay Minerals by 7.1% in the 3rd quarter. Barclays PLC now owns 63,154 shares of the mining company’s stock valued at $308,000 after buying an additional 4,169 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hudbay Minerals by 6.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 71,641 shares of the mining company’s stock valued at $396,000 after buying an additional 4,655 shares during the last quarter. Finally, Register Financial Advisors LLC bought a new position in Hudbay Minerals in the 1st quarter valued at approximately $35,000. 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.