Scotiabank Forecasts Increased Earnings for HudBay Minerals

Key Points

• Scotiabank raised its FY2027 earnings forecast for HudBay Minerals to $1.97 per share from $1.96 and maintained an “Outperform” rating. This compares with the current full-year consensus estimate of $1.40 per share.
• Analyst sentiment remains favorable, with 10 Buy ratings and two Hold ratings; the stock has an average “Moderate Buy” rating and a consensus price target of $31.33.
• HudBay’s latest quarterly results exceeded expectations, with earnings of $0.28 per share versus $0.26 expected and revenue up 17.7% year over year to $631.3 million. Institutional investors own 57.82% of the company.

HudBay Minerals Inc (NYSE:HBM - Free Report) TSE: HBM - Research analysts at Scotiabank increased their FY2027 earnings estimates for HudBay Minerals in a research note issued on Thursday, October 22nd. Scotiabank analyst O. Wowkodaw now forecasts that the mining company will earn $1.97 per share for the year, up from their previous forecast of $1.96. Scotiabank currently has an "Outperform" rating on the stock. The consensus estimate for HudBay Minerals' current full-year earnings is $1.40 per share.

HBM has been the subject of several other research reports. Bank of America dropped their price target on HudBay Minerals from $33.50 to $29.50 and set a "buy" rating for the company in a research report on Thursday, July 9th. Citigroup restated a "positive" rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Jefferies Financial Group restated a "buy" rating on shares of HudBay Minerals in a research report on Monday, July 6th. Barclays reaffirmed an "overweight" rating on shares of HudBay Minerals in a research note on Tuesday, October 6th. Finally, Weiss Ratings upgraded HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Ten 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 an average rating of "Moderate Buy" and an average target price of $31.33.

HudBay Minerals Price Performance

HBM stock opened at $22.16 on Tuesday. HudBay Minerals has a 1 year low of $14.34 and a 1 year 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 stock's 50 day moving average price is $26.58 and its 200 day moving average price is $24.82. The firm has a market cap of $9.84 billion, a P/E ratio of 13.03, a PEG ratio of 0.40 and a beta of 1.58.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $632.43 million. During the same period last year, the company posted $0.19 EPS. The company's revenue was up 17.7% on a year-over-year basis.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HBM. Quantinno Capital Management LP grew its stake in shares of HudBay Minerals by 6.0% in 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 during the last quarter. Rockefeller Capital Management L.P. grew its position in HudBay Minerals by 25.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,933 shares of the mining company's stock worth $98,000 after buying an additional 986 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in HudBay Minerals by 2.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 37,766 shares of the mining company's stock worth $892,000 after buying an additional 992 shares during the last quarter. Rakuten Securities Inc. bought a new position in shares of HudBay Minerals in the second quarter valued at $28,000. Finally, Bullseye Investment Management LLC acquired a new stake in shares of HudBay Minerals during the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 57.82% of the company's stock.

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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