HudBay Minerals (NYSE:HBM) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

HudBay Minerals (NYSE:HBM) (TSE:HBM) released its quarterly earnings results on Wednesday. The mining company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03), Zacks reports. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.During the same quarter in the previous year, the firm earned $0.13 EPS. HudBay Minerals’s revenue was down 28.6% on a year-over-year basis.

HudBay Minerals Price Performance

Shares of HBM stock traded up $0.51 during trading hours on Wednesday, hitting $17.10. 10,196,533 shares of the company’s stock were exchanged, compared to its average volume of 7,349,000. The company has a market capitalization of $6.77 billion, a PE ratio of 23.42 and a beta of 1.58. The company has a current ratio of 1.03, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. HudBay Minerals has a 12-month low of $5.95 and a 12-month high of $17.73. The business’s 50 day simple moving average is $15.14 and its 200-day simple moving average is $11.61.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. National Bankshares reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Thursday, August 14th. Weiss Ratings restated a “buy (b-)” rating on shares of HudBay Minerals in a research note on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating on shares of HudBay Minerals in a research note on Friday, October 10th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Thursday, August 14th. Finally, The Goldman Sachs Group started coverage on shares of HudBay Minerals in a report on Monday, September 8th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $19.50.

Hedge Funds Weigh In On HudBay Minerals

A number of large investors have recently bought and sold shares of HBM. Headlands Technologies LLC lifted its position in HudBay Minerals by 117.1% in the second quarter. Headlands Technologies LLC now owns 26,340 shares of the mining company’s stock valued at $279,000 after purchasing an additional 14,210 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in HudBay Minerals by 51.2% in the second quarter. CANADA LIFE ASSURANCE Co now owns 65,672 shares of the mining company’s stock worth $695,000 after purchasing an additional 22,251 shares during the period. State of Tennessee Department of Treasury boosted its holdings in shares of HudBay Minerals by 245.9% during the 2nd quarter. State of Tennessee Department of Treasury now owns 58,014 shares of the mining company’s stock valued at $615,000 after buying an additional 41,240 shares in the last quarter. Vident Advisory LLC grew its position in shares of HudBay Minerals by 5.3% in the 2nd quarter. Vident Advisory LLC now owns 327,802 shares of the mining company’s stock worth $3,474,000 after buying an additional 16,549 shares during the period. Finally, Tidal Investments LLC increased its stake in shares of HudBay Minerals by 4.7% in the 2nd quarter. Tidal Investments LLC now owns 238,350 shares of the mining company’s stock worth $2,529,000 after acquiring an additional 10,807 shares in 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.