HudBay Minerals (NYSE:HBM) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded HudBay Minerals from “hold” to “buy.” The company has a broader consensus rating of “Moderate Buy,” with 10 analysts rating it Buy and two rating it Hold, and an average price target of $31.33.
• HudBay reported quarterly earnings of $0.28 per share, exceeding estimates of $0.26, while revenue rose 17.7% year over year to $631.3 million.
• Shares opened at $23.58, down 2.7%, with the stock trading below its 50-day moving average of $27.11 but above its 52-week low of $14.34; institutional investors and hedge funds own 57.82% of the company.

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

A number of other brokerages have also recently commented on HBM. Barclays reissued an "overweight" rating on shares of HudBay Minerals in a report on Tuesday, October 6th. Scotiabank reissued an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Citigroup reissued a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Bank of America dropped their target price on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a report on Thursday, July 9th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of HudBay Minerals in a report on Monday, July 6th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, HudBay Minerals currently has a consensus rating of "Moderate Buy" and an average price target of $31.33.

HudBay Minerals Stock Down 2.7%

Shares of HBM opened at $23.58 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $10.47 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.43 and a beta of 1.58. The stock's 50-day moving average price is $27.11 and its 200-day moving average price is $25.37. HudBay Minerals has a 52 week low of $14.34 and a 52 week high of $32.15.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The firm had revenue of $631.30 million during the quarter, compared to analyst estimates of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%. HudBay Minerals's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. On average, sell-side analysts predict that HudBay Minerals will post 1.43 EPS for the current year.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds have recently added to or reduced their stakes in HBM. Quantinno Capital Management LP grew its stake in HudBay Minerals by 6.0% during the 1st quarter. Quantinno Capital Management LP now owns 11,597 shares of the mining company's stock worth $242,000 after purchasing an additional 657 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in shares of HudBay Minerals by 25.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,933 shares of the mining company's stock valued at $98,000 after purchasing an additional 986 shares during the last quarter. Wealthcare Advisory Partners LLC grew its stake in shares of HudBay Minerals by 2.7% during the second quarter. Wealthcare Advisory Partners LLC now owns 37,766 shares of the mining company's stock worth $892,000 after purchasing an additional 992 shares in the last quarter. Rakuten Securities Inc. purchased a new position in HudBay Minerals in the second quarter valued at $28,000. Finally, Bullseye Investment Management LLC acquired a new stake in HudBay Minerals in the second quarter valued at $30,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development, and operation of copper, zinc, gold, silver, and molybdenum deposits. The company's products are used in infrastructure, manufacturing, technology, and energy-related applications. Hudbay is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol HBM.

Hudbay operates mining and processing assets in Canada and Peru. Its Manitoba operations include the Lalor polymetallic mine and processing facilities in the Snow Lake region, which produce zinc, copper, gold, and silver.

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