HudBay Minerals (NYSE:HBM) Trading Down 8.5% - Should You Sell?

Key Points

• HudBay Minerals' stock fell by 8.5%, dropping to $9.03 amid a decrease in trading volume.
• The company recently reported strong quarterly earnings, with an EPS of $0.24, exceeding expectations and showing a 13.3% year-over-year revenue increase.
• Despite the recent stock decline, several analysts maintain a positive outlook with a consensus rating of "Buy" from six firms.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM shares traded down 8.5% on Wednesday . The stock traded as low as $9.15 and last traded at $9.03. 6,846,846 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 7,359,587 shares. The stock had previously closed at $9.86.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on HBM shares. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Scotiabank reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, May 13th. Raymond James Financial upgraded HudBay Minerals to a "moderate buy" rating in a research note on Monday, June 30th. Veritas raised shares of HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Wall Street Zen cut shares of HudBay Minerals from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy".

HudBay Minerals Trading Down 2.3%

The company has a 50 day moving average of $9.89 and a 200-day moving average of $8.53. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 23.84, a price-to-earnings-growth ratio of 0.23 and a beta of 1.64. 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 (NYSE:HBM - Get Free Report) TSE: HBM last posted its quarterly earnings results on Monday, May 12th. The mining company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.10 by $0.14. The business had revenue of $594.90 million during the quarter, compared to the consensus estimate of $537.36 million. HudBay Minerals had a net margin of 7.40% and a return on equity of 8.17%. The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 earnings per share. On average, research analysts anticipate that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Jennison Associates LLC boosted its stake in HudBay Minerals by 20.1% in the second quarter. Jennison Associates LLC now owns 3,281,836 shares of the mining company's stock valued at $34,846,000 after acquiring an additional 548,134 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of HudBay Minerals in the 2nd quarter valued at about $116,000. Envestnet Asset Management Inc. boosted its position in shares of HudBay Minerals by 45.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 51,581 shares of the mining company's stock valued at $547,000 after purchasing an additional 16,149 shares during the period. Carrera Capital Advisors acquired a new position in HudBay Minerals during the second quarter worth approximately $1,822,000. Finally, Easterly Investment Partners LLC lifted its stake in HudBay Minerals by 18.8% in the second quarter. Easterly Investment Partners LLC now owns 245,274 shares of the mining company's stock valued at $2,602,000 after buying an additional 38,860 shares during 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.