HudBay Minerals (NYSE:HBM) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded HudBay Minerals from “Buy” to “Hold,” while the broader analyst consensus remains “Moderate Buy,” with 10 Buy ratings and 2 Holds and an average price target of $31.33.
• HudBay reported quarterly EPS of $0.28, exceeding estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million.
• Institutional investors own 57.82% of the company, with several major firms—including Wellington Management, William Blair, and Bank of America—recently establishing or increasing positions.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Sunday, Wall Street Zen reports.

Several other research analysts have also commented on the stock. Jefferies Financial Group restated a "buy" rating on shares of HudBay Minerals in a research note on Monday, July 6th. Citigroup restated a "positive" rating on shares of HudBay Minerals in a report on Wednesday, July 15th. Weiss Ratings raised shares of HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Finally, Bank of America decreased their price objective on shares of HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a report on Thursday, July 9th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $31.33.

HudBay Minerals Price Performance

HudBay Minerals stock opened at $21.96 on Friday. The firm has a market capitalization of $9.75 billion, a P/E ratio of 12.92, a PEG ratio of 0.40 and a beta of 1.58. The firm has a fifty day moving average of $26.69 and a 200-day moving average of $25.44. HudBay Minerals has a 52-week low of $14.34 and a 52-week high of $32.15. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. The firm had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%. The firm's revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.19 earnings per share. As a group, analysts predict that HudBay Minerals will post 1.40 EPS for the current year.

Institutional Trading of HudBay Minerals

Large investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in shares of HudBay Minerals by 7.8% in the first quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company's stock worth $172,526,000 after acquiring an additional 597,422 shares during the last quarter. Wellington Management Group LLP bought a new position in HudBay Minerals during the second quarter worth $130,557,000. William Blair Investment Management LLC bought a new position in HudBay Minerals during the second quarter worth $99,536,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in HudBay Minerals during the second quarter worth $99,022,000. Finally, Bank of America Corp DE acquired a new position in HudBay Minerals during the 2nd quarter valued at $96,341,000. 57.82% of the stock is owned by institutional investors.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development, and operation of copper, gold, zinc, and silver deposits. Copper is its principal product, with associated precious and base metals produced from several of its operations.

The company operates in Canada, Peru, and the United States. Its assets include the Constancia copper-molybdenum mine in southern Peru; the Snow Lake operations in Manitoba, which produce copper, gold, zinc, and silver; and the Copper Mountain mine in British Columbia.

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