HudBay Minerals (NYSE:HBM) Hits New 52-Week High Following Earnings Beat

Key Points

• HudBay Minerals' stock hit a new 52-week high of $12.10 following a quarterly earnings announcement where the company reported earnings per share of $0.19, exceeding expectations.
• The company's revenue for the quarter was $536.40 million, marking a 26.1% year-over-year increase, despite being below analysts' expectations.
• A number of brokerages have reiterated or upgraded their ratings on HudBay Minerals, with an average rating of "Buy" among analysts.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM's stock price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $12.10 and last traded at $11.30, with a volume of 30808510 shares. The stock had previously closed at $9.85.

The mining company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.08. HudBay Minerals had a return on equity of 8.17% and a net margin of 7.40%. The firm had revenue of $536.40 million for the quarter, compared to analysts' expectations of $558.21 million. HudBay Minerals's revenue for the quarter was up 26.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HBM. CIBC reiterated an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Raymond James Financial upgraded HudBay Minerals to a "moderate buy" rating in a research report on Monday, June 30th. BMO Capital Markets initiated coverage on HudBay Minerals in a research report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Veritas upgraded HudBay Minerals to a "strong-buy" rating in a report on Monday, July 7th. Finally, Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, May 13th. Five analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy".

Institutional Trading of HudBay Minerals

Large investors have recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of HudBay Minerals by 142.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 100,303 shares of the mining company's stock worth $761,000 after purchasing an additional 58,999 shares during the last quarter. Guggenheim Capital LLC bought a new stake in shares of HudBay Minerals during the fourth quarter worth $186,000. Alliancebernstein L.P. grew its holdings in shares of HudBay Minerals by 3.9% during the fourth quarter. Alliancebernstein L.P. now owns 72,730 shares of the mining company's stock worth $589,000 after purchasing an additional 2,740 shares during the last quarter. Barclays PLC boosted its holdings in HudBay Minerals by 7.9% in the fourth quarter. Barclays PLC now owns 93,286 shares of the mining company's stock valued at $756,000 after acquiring an additional 6,811 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in HudBay Minerals by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 190,940 shares of the mining company's stock valued at $1,565,000 after acquiring an additional 6,973 shares during the last quarter. Institutional investors own 57.82% of the company's stock.

HudBay Minerals Stock Performance

The firm has a fifty day moving average of $9.99 and a 200-day moving average of $8.59. The firm has a market cap of $4.47 billion, a P/E ratio of 29.74, a PEG ratio of 0.25 and a beta of 1.63. The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 0.42.

About HudBay Minerals

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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