HudBay Minerals Inc (NYSE:HBM) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• HudBay Minerals Inc (NYSE:HBM) has received an average consensus recommendation of "Buy" from analysts, with five analysts giving a buy rating and two a strong buy rating.
• In its latest quarterly earnings report, HudBay Minerals beat analysts' estimates with earnings per share of $0.24, outperforming the consensus of $0.10 and showing a revenue increase of 13.3% year-over-year.
• Institutional investors showed strong interest in HudBay Minerals, with Millennium Management increasing its holdings by 298.5% in the first quarter alone.

Shares of HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM have received an average recommendation of "Buy" from the seven analysts that are covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company.

A number of brokerages have recently issued reports on HBM. Raymond James Financial raised HudBay Minerals to a "moderate buy" rating in a research report on Monday, June 30th. CIBC restated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, July 15th. BMO Capital Markets started coverage on HudBay Minerals in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Wall Street Zen downgraded HudBay Minerals from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Finally, Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, May 13th.

HudBay Minerals Price Performance

Shares of HBM opened at $9.18 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.92 and a current ratio of 2.32. The company has a 50 day moving average price of $9.91 and a 200-day moving average price of $8.54. HudBay Minerals has a fifty-two week low of $5.95 and a fifty-two week high of $11.13. The stock has a market capitalization of $3.63 billion, a PE ratio of 24.15, a PEG ratio of 0.24 and a beta of 1.63.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings results on Monday, May 12th. The mining company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.14. HudBay Minerals had a return on equity of 8.17% and a net margin of 7.40%. The business had revenue of $594.90 million for the quarter, compared to the consensus estimate of $537.36 million. During the same period last year, the business posted $0.22 EPS. The business's revenue was up 13.3% compared to the same quarter last year. Equities analysts predict that HudBay Minerals will post 0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HudBay Minerals

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC increased its holdings in HudBay Minerals by 298.5% in the first quarter. Millennium Management LLC now owns 6,115,053 shares of the mining company's stock valued at $46,411,000 after buying an additional 4,580,718 shares in the last quarter. L1 Capital Pty Ltd grew its position in shares of HudBay Minerals by 44.1% during the 1st quarter. L1 Capital Pty Ltd now owns 14,423,384 shares of the mining company's stock valued at $109,365,000 after acquiring an additional 4,410,778 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of HudBay Minerals by 144.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock valued at $55,264,000 after purchasing an additional 4,299,428 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in HudBay Minerals by 86.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,149,134 shares of the mining company's stock worth $74,105,000 after purchasing an additional 4,253,400 shares during the period. Finally, EdgePoint Investment Group Inc. boosted its position in HudBay Minerals by 50.6% during the first quarter. EdgePoint Investment Group Inc. now owns 7,628,971 shares of the mining company's stock worth $57,848,000 after purchasing an additional 2,561,607 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

HudBay Minerals Company Profile

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.

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