Wall Street Zen Downgrades HudBay Minerals (NYSE:HBM) to Hold

Key Points

• Wall Street Zen downgraded HudBay Minerals from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy,” with 11 Buy ratings and two Holds and an average price target of $31.33.
• HudBay reported quarterly EPS of $0.28, beating estimates of $0.26, while revenue reached $631.3 million and rose 17.7% year over year, narrowly below expectations.
• HBM shares opened at $22.73, with a market capitalization of approximately $10.1 billion and a 52-week range of $9.01 to $32.15; institutional investors own 57.82% of the stock.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other research analysts have also recently issued reports on the company. Scotiabank restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday. Weiss Ratings upgraded HudBay Minerals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Barclays raised their price target on shares of HudBay Minerals from $30.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Citigroup restated a "positive" rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, HudBay Minerals has an average rating of "Moderate Buy" and an average price target of $31.33.

HudBay Minerals Stock Performance

Shares of HBM stock opened at $22.73 on Friday. The firm has a market capitalization of $10.10 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.24 and a quick ratio of 1.20. The business has a fifty day moving average of $24.65 and a 200 day moving average of $24.13. HudBay Minerals has a 1 year low of $9.01 and a 1 year high of $32.15.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. The company had revenue of $631.30 million during the quarter, compared to analysts' expectations of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The firm's revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.19 EPS. As a group, research analysts expect that HudBay Minerals will post 1.55 earnings per share for the current year.

Hedge Funds Weigh In On HudBay Minerals

Several institutional investors have recently made changes to their positions in HBM. Allworth Financial LP boosted its holdings in HudBay Minerals by 107.9% during the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company's stock worth $30,000 after buying an additional 1,033 shares in the last quarter. Quarry LP purchased a new position in HudBay Minerals in the third quarter valued at $38,000. IFP Advisors Inc purchased a new position in HudBay Minerals in the third quarter valued at $45,000. Banque Cantonale Vaudoise increased its holdings in HudBay Minerals by 513.5% in the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company's stock valued at $48,000 after buying an additional 2,655 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock worth $50,000 after acquiring an additional 3,733 shares during the period. 57.82% of the stock is owned by hedge funds and other institutional investors.

About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company's operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.

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