HudBay Minerals (NYSE:HBM) Releases Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• HudBay Minerals reported earnings of $0.19 per share for the quarter, exceeding analysts' expectations of $0.11 by $0.08.
• Despite beating EPS estimates, the company's revenue of $536.40 million fell short of the expected $558.21 million, though it represented a 26.1% year-over-year increase.
• HudBay's stock surged 14.7% on the news, reaching $11.30, supported by positive ratings from multiple equity research analysts.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM released its earnings results on Wednesday. The mining company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.08, Zacks reports. HudBay Minerals had a net margin of 7.40% and a return on equity of 8.17%. The business had revenue of $536.40 million during the quarter, compared to analyst estimates of $558.21 million. The business's revenue was up 26.1% compared to the same quarter last year.

HudBay Minerals Trading Up 14.7%

Shares of HudBay Minerals stock traded up $1.45 on Wednesday, reaching $11.30. The company had a trading volume of 30,808,510 shares, compared to its average volume of 6,838,848. The firm's 50 day moving average price is $9.99 and its two-hundred day moving average price is $8.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.92 and a current ratio of 2.32. HudBay Minerals has a 52-week low of $5.95 and a 52-week high of $12.10. The firm has a market cap of $4.47 billion, a PE ratio of 29.74, a PEG ratio of 0.25 and a beta of 1.63.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets initiated coverage on shares of HudBay Minerals in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Veritas raised shares of HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. CIBC reissued an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, July 15th. Wall Street Zen raised shares of HudBay Minerals from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Raymond James Financial upgraded HudBay Minerals to a "moderate buy" rating in a research report on Monday, June 30th. Five investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy".

Institutional Trading of HudBay Minerals

Several institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its position in shares of HudBay Minerals by 144.2% during the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company's stock worth $55,264,000 after purchasing an additional 4,299,428 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of HudBay Minerals during the second quarter worth about $6,874,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of HudBay Minerals by 6.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company's stock worth $3,337,000 after purchasing an additional 27,944 shares in the last quarter. Amundi lifted its position in shares of HudBay Minerals by 61,531.7% during the second quarter. Amundi now owns 301,379 shares of the mining company's stock worth $3,303,000 after purchasing an additional 300,890 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of HudBay Minerals by 7.4% during the second quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company's stock worth $2,363,000 after purchasing an additional 15,235 shares in the last quarter. Institutional investors and hedge funds 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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