HudBay Minerals (NYSE:HBM) Price Target Raised to $19.50 at Bank of America

Key Points

• Bank of America has raised its price target for HudBay Minerals (NYSE: HBM) from $16.50 to $19.50, indicating a potential upside of 12.62% from its previous close.
• Multiple research analysts have upgraded their ratings on HudBay Minerals, with Zacks raising it to a "strong-buy" and the company receiving an average rating of "Buy" from analysts.
• HudBay Minerals reported a quarterly earnings per share (EPS) of $0.19, exceeding analysts' expectations of $0.11, with a revenue increase of 26.1% year-over-year.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM had its price objective upped by Bank of America from $16.50 to $19.50 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the mining company's stock. Bank of America's target price points to a potential upside of 12.62% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Zacks Research raised HudBay Minerals from a "hold" rating to a "strong-buy" rating in a research report on Monday. The Goldman Sachs Group started coverage on HudBay Minerals in a research report on Monday, September 8th. They set a "buy" rating for the company. Royal Bank Of Canada restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Veritas upgraded HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of HudBay Minerals in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $19.50.

HudBay Minerals Stock Up 1.7%

Shares of HBM opened at $17.32 on Thursday. The stock has a fifty day simple moving average of $13.29 and a two-hundred day simple moving average of $10.34. The company has a quick ratio of 0.86, a current ratio of 1.03 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $6.86 billion, a PE ratio of 23.72 and a beta of 1.55. HudBay Minerals has a 52-week low of $5.95 and a 52-week high of $17.73.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings data on Wednesday, August 13th. The mining company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.08. The firm had revenue of $536.40 million during the quarter, compared to the consensus estimate of $558.21 million. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.The firm's revenue was up 26.1% compared to the same quarter last year. As a group, equities analysts forecast that HudBay Minerals will post 0.79 EPS for the current year.

Institutional Investors Weigh In On HudBay Minerals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning lifted its stake in HudBay Minerals by 5.4% in the second quarter. Creative Planning now owns 25,067 shares of the mining company's stock valued at $266,000 after buying an additional 1,289 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in shares of HudBay Minerals by 64.6% during the first quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock worth $29,000 after purchasing an additional 1,481 shares during the last quarter. Pacifica Partners Inc. raised its stake in shares of HudBay Minerals by 6.7% during the second quarter. Pacifica Partners Inc. now owns 25,921 shares of the mining company's stock worth $272,000 after purchasing an additional 1,625 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of HudBay Minerals by 1.4% during the first quarter. Federated Hermes Inc. now owns 126,836 shares of the mining company's stock worth $963,000 after purchasing an additional 1,794 shares during the last quarter. Finally, Strong Tower Advisory Services raised its stake in shares of HudBay Minerals by 2.4% during the third quarter. Strong Tower Advisory Services now owns 94,175 shares of the mining company's stock worth $1,428,000 after purchasing an additional 2,182 shares during the last quarter. Hedge funds and other institutional investors own 57.82% of the company's stock.

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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