HudBay Minerals Inc (NYSE:HBM) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is positive: HudBay Minerals has a consensus “Moderate Buy” rating, with 10 buy ratings and two holds. The average 12-month price target is $31.33, above the reported $26.66 share price.
• Quarterly results exceeded expectations: The company reported adjusted earnings of $0.28 per share versus the $0.26 consensus estimate, while revenue increased 17.7% year over year to $631.3 million.
• Institutional ownership remains substantial: Institutional investors and hedge funds own 57.82% of HBM, although the stock was reported down 7.5%. HudBay also announced a quarterly dividend of $0.01 per share, representing a 0.2% yield.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM has received a consensus rating of "Moderate Buy" from the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $31.3333.

HBM has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of HudBay Minerals from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Jefferies Financial Group reaffirmed a "buy" rating on shares of HudBay Minerals in a report on Monday, July 6th. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a report on Thursday, July 30th. Weiss Ratings downgraded shares of HudBay Minerals from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 13th. Finally, Citigroup reissued a "positive" rating on shares of HudBay Minerals in a research report on Wednesday, July 15th.

Institutional Trading of HudBay Minerals

Several large investors have recently modified their holdings of HBM. Rakuten Securities Inc. bought a new position in shares of HudBay Minerals in the second quarter worth $28,000. Allworth Financial LP lifted its position in HudBay Minerals by 107.9% during the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock worth $30,000 after purchasing an additional 1,033 shares during the period. Fiduciary Financial Advisors bought a new stake in HudBay Minerals during the second quarter worth about $32,000. Integrated Wealth Concepts LLC acquired a new stake in HudBay Minerals during the second quarter worth about $36,000. Finally, EFG International AG acquired a new stake in HudBay Minerals during the second quarter worth about $38,000. 57.82% of the stock is owned by institutional investors and hedge funds.

HudBay Minerals Stock Down 7.5%

HBM opened at $26.66 on Friday. HudBay Minerals has a fifty-two week low of $13.00 and a fifty-two week high of $32.15. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.93 and a current ratio of 2.24. The company has a market capitalization of $11.84 billion, a P/E ratio of 15.68, a P/E/G ratio of 0.46 and a beta of 1.54. The stock has a fifty day moving average of $25.32 and a 200-day moving average of $24.74.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The business had revenue of $631.30 million for the quarter, compared to the consensus estimate of $632.43 million. During the same period in the prior year, the company posted $0.19 earnings per share. HudBay Minerals's revenue was up 17.7% compared to the same quarter last year. On average, equities analysts expect that HudBay Minerals will post 1.51 EPS for the current year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 annualized dividend and a yield of 0.2%. HudBay Minerals's payout ratio is currently 1.76%.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development and operation of copper assets. The company also produces gold, zinc, silver and molybdenum as byproducts or additional products from its mining operations.

Hudbay operates the Constancia open-pit copper-molybdenum mine in southern Peru, along with the nearby Pampacancha satellite deposit. In Manitoba, Canada, the company operates the Lalor polymetallic mine and the Snow Lake processing facilities, which produce copper, zinc, gold and silver.

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