HudBay Minerals (NYSE:HBM) Shares Down 8.5% - Here's What Happened

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 fell 8.5% during mid-day trading on Wednesday . The company traded as low as $9.15 and last traded at $9.03. 6,846,846 shares were traded 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 brokerages have issued reports on HBM. BMO Capital Markets began coverage on shares of HudBay Minerals in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Wall Street Zen downgraded shares of HudBay Minerals from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Raymond James Financial upgraded shares of HudBay Minerals to a "moderate buy" rating in a report on Monday, June 30th. CIBC restated an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, July 15th. Finally, Veritas upgraded shares of HudBay Minerals to a "strong-buy" rating in a report on Monday, July 7th. Six analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, HudBay Minerals presently has an average rating of "Buy".

HudBay Minerals Price Performance

The company has a market capitalization of $3.59 billion, a P/E ratio of 23.80, a P/E/G ratio of 0.24 and a beta of 1.63. The firm's fifty day moving average is $9.89 and its 200 day moving average is $8.53. 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 issued its quarterly earnings results on Monday, May 12th. The mining company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.10 by $0.14. The company had revenue of $594.90 million for 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 firm's revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 EPS. As a group, analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

Institutional Trading of HudBay Minerals

Institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in shares of HudBay Minerals during the fourth quarter valued at approximately $183,000. Sumitomo Mitsui Trust Group Inc. raised its stake 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 valued at $761,000 after acquiring an additional 58,999 shares in the last quarter. Guggenheim Capital LLC bought a new stake in shares of HudBay Minerals during the fourth quarter valued at approximately $186,000. Alliancebernstein L.P. raised its stake 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 valued at $589,000 after acquiring an additional 2,740 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of HudBay Minerals by 7.9% during 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 in the last quarter. Institutional investors own 57.82% of the company's stock.

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.