HudBay Minerals (NYSE:HBM) Upgraded to Strong-Buy at Wall Street Zen

Key Points

• HudBay Minerals has been upgraded to a "strong-buy" rating by Wall Street Zen, indicating increased analyst confidence in the company's stock performance.
• The company reported a significant quarterly earnings performance, with an EPS of $0.24, surpassing expectations and showing a revenue increase of 13.3% year-over-year.
• Institutional investors have shown strong interest in HudBay Minerals, with several firms significantly increasing their holdings in the first quarter of the year.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Several other research firms also recently issued reports on HBM. BMO Capital Markets initiated coverage on shares of HudBay Minerals in a report on Wednesday, April 16th. They set an "outperform" rating on the stock. Scotiabank reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, May 13th. Veritas raised shares of HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Raymond James Financial upgraded shares of HudBay Minerals to a "moderate buy" rating in a report on Monday, June 30th. Finally, CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a research note on Tuesday, July 15th. Five analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy".

HudBay Minerals Stock Performance

Shares of NYSE:HBM traded down $0.10 during trading hours on Friday, hitting $9.55. The stock had a trading volume of 8,029,254 shares, compared to its average volume of 7,325,447. The stock's fifty day simple moving average is $9.93 and its 200 day simple moving average is $8.55. HudBay Minerals has a 1-year low of $5.95 and a 1-year high of $11.13. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 0.25 and a beta of 1.63. 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.14. The firm had revenue of $594.90 million for the quarter, compared to analyst estimates of $537.36 million. HudBay Minerals had a net margin of 7.40% and a return on equity of 8.17%. The firm's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 earnings per share. Sell-side analysts anticipate that HudBay Minerals will post 0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HudBay Minerals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of HudBay Minerals by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 15,398,817 shares of the mining company's stock valued at $116,738,000 after acquiring an additional 131,012 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of HudBay Minerals by 2.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,993,620 shares of the mining company's stock worth $113,657,000 after acquiring an additional 331,121 shares in the last quarter. L1 Capital Pty Ltd grew its stake in shares of HudBay Minerals by 44.1% in the 1st quarter. L1 Capital Pty Ltd now owns 14,423,384 shares of the mining company's stock worth $109,365,000 after acquiring an additional 4,410,778 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of HudBay Minerals by 2.7% in the 4th quarter. Invesco Ltd. now owns 11,815,849 shares of the mining company's stock worth $95,708,000 after buying an additional 314,619 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of HudBay Minerals by 86.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,149,134 shares of the mining company's stock worth $74,105,000 after buying an additional 4,253,400 shares during the last quarter. 57.82% of the stock is owned by institutional investors.

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.