HudBay Minerals (NYSE:HBM) Shares Gap Up – Here’s Why

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shares gapped up before the market opened on Wednesday . The stock had previously closed at $16.44, but opened at $17.06. HudBay Minerals shares last traded at $16.9860, with a volume of 1,017,886 shares.

Analyst Ratings Changes

HBM has been the subject of a number of recent analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, October 28th. The Goldman Sachs Group started coverage on shares of HudBay Minerals in a report on Monday, September 8th. They issued a “buy” rating on the stock. Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Zacks Research lowered shares of HudBay Minerals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Raymond James Financial reissued an “outperform” rating on shares of HudBay Minerals in a report on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, HudBay Minerals currently has a consensus rating of “Buy” and a consensus price target of $19.50.

HudBay Minerals Stock Up 4.7%

The stock’s fifty day moving average price is $15.91 and its 200 day moving average price is $12.47. The company has a current ratio of 0.97, a quick ratio of 0.76 and a debt-to-equity ratio of 0.18. The stock has a market cap of $6.82 billion, a P/E ratio of 14.83 and a beta of 1.39.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Wednesday, November 12th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $346.80 million during the quarter, compared to analysts’ expectations of $538.16 million. HudBay Minerals had a return on equity of 8.89% and a net margin of 22.38%.The firm’s revenue was down 28.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.13 earnings per share. As a group, research analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HudBay Minerals

A number of large investors have recently modified their holdings of the company. Allworth Financial LP lifted its position in HudBay Minerals by 107.9% in the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after buying an additional 1,033 shares during the last quarter. IFP Advisors Inc bought a new position in HudBay Minerals during the third quarter valued at approximately $45,000. Swiss Life Asset Management Ltd raised its stake in shares of HudBay Minerals by 74.8% during the third quarter. Swiss Life Asset Management Ltd now owns 18,390 shares of the mining company’s stock worth $279,000 after acquiring an additional 7,869 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of HudBay Minerals by 29.5% during the third quarter. CIBC Private Wealth Group LLC now owns 9,714 shares of the mining company’s stock worth $147,000 after acquiring an additional 2,215 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of HudBay Minerals by 130.7% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 151,487 shares of the mining company’s stock worth $2,301,000 after acquiring an additional 85,815 shares during the last quarter. 57.82% of the stock is 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.