HudBay Minerals Inc. (HBM) Earns “Outperform” Rating from Scotiabank
Scotiabank reissued their outperform rating on shares of HudBay Minerals Inc. (NYSE:HBM) in a research note released on Monday. Scotiabank currently has a $7.50 price objective on the mining company’s stock, down from their previous price objective of $8.00.
Other analysts also recently issued reports about the company. Barclays PLC reiterated an underweight rating on shares of HudBay Minerals in a research report on Wednesday, August 3rd. BMO Capital Markets downgraded HudBay Minerals from an outperform rating to a market perform rating and set a $7.50 target price for the company. in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. TD Securities reiterated a hold rating and set a $7.50 target price on shares of HudBay Minerals in a research report on Thursday, August 4th. RBC Capital Markets reiterated an outperform rating and set a $8.00 target price (up from $7.50) on shares of HudBay Minerals in a research report on Wednesday, August 3rd. Finally, Credit Suisse Group AG downgraded HudBay Minerals from an outperform rating to a neutral rating in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $7.10.
HudBay Minerals (NYSE:HBM) opened at 3.70 on Monday. The firm’s 50-day moving average price is $4.33 and its 200-day moving average price is $4.31. HudBay Minerals has a one year low of $1.56 and a one year high of $6.02. The company’s market cap is $874.05 million.
HudBay Minerals (NYSE:HBM) last released its earnings results on Wednesday, July 27th. The mining company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by $0.07. The company had revenue of $247 million for the quarter, compared to the consensus estimate of $249.18 million. HudBay Minerals had a negative net margin of 26.09% and a positive return on equity of 0.50%. The business’s revenue was up 63.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.24) earnings per share. On average, equities research analysts forecast that HudBay Minerals will post $0.08 earnings per share for the current fiscal year.
The company also recently announced a semiannual dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 9th will be issued a $0.0076 dividend. This represents a yield of 0.3%. The ex-dividend date is Wednesday, September 7th. This is a boost from HudBay Minerals’s previous semiannual dividend of $0.01. HudBay Minerals’s dividend payout ratio is presently -1.63%.
A number of institutional investors have recently modified their holdings of the company. Letko Brosseau & Associates Inc. boosted its position in shares of HudBay Minerals by 0.5% in the second quarter. Letko Brosseau & Associates Inc. now owns 25,998,894 shares of the mining company’s stock worth $123,309,000 after buying an additional 124,550 shares during the last quarter. Capital Research Global Investors boosted its position in shares of HudBay Minerals by 11.2% in the second quarter. Capital Research Global Investors now owns 11,100,000 shares of the mining company’s stock worth $53,011,000 after buying an additional 1,115,000 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of HudBay Minerals by 19.9% in the second quarter. Vanguard Group Inc. now owns 4,322,023 shares of the mining company’s stock worth $20,659,000 after buying an additional 718,315 shares during the last quarter. Greystone Managed Investments Inc. purchased a new position in shares of HudBay Minerals during the second quarter worth about $5,986,000. Finally, Citadel Advisors LLC purchased a new position in shares of HudBay Minerals during the second quarter worth about $2,435,000. 66.87% of the stock is owned by institutional investors and hedge funds.
About HudBay Minerals
HudBay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.
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