HudBay Minerals (NYSE:HBM) Raised to Buy at Wall Street Zen

HudBay Minerals (NYSE:HBM) (TSE:HBM) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently weighed in on the company. Weiss Ratings raised HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Barclays restated an “overweight” rating on shares of HudBay Minerals in a research note on Tuesday, October 6th. Bank of America cut their price objective on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Finally, Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Trading Down 2.7%

HBM opened at $23.58 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.24 and a debt-to-equity ratio of 0.17. HudBay Minerals has a 52 week low of $14.34 and a 52 week high of $32.15. The business’s 50 day moving average is $27.11 and its two-hundred day moving average is $25.37. The firm has a market cap of $10.47 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.43 and a beta of 1.58.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The firm had revenue of $631.30 million during the quarter, compared to analysts’ expectations of $632.43 million. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. HudBay Minerals’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. On average, research analysts predict that HudBay Minerals will post 1.43 EPS for the current year.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds and other institutional investors have recently made changes to their positions in HBM. Royal Bank of Canada grew its holdings in HudBay Minerals by 7.8% in the 1st quarter. Royal Bank of Canada now owns 8,254,831 shares of the mining company’s stock valued at $172,526,000 after buying an additional 597,422 shares during the period. Wellington Management Group LLP purchased a new position in HudBay Minerals in the second quarter valued at approximately $130,557,000. William Blair Investment Management LLC acquired a new position in HudBay Minerals during the second quarter valued at approximately $99,536,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in HudBay Minerals during the second quarter worth approximately $99,022,000. Finally, Bank of America Corp DE purchased a new position in shares of HudBay Minerals in the 2nd quarter valued at $96,341,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development, and operation of copper, zinc, gold, silver, and molybdenum deposits. The company’s products are used in infrastructure, manufacturing, technology, and energy-related applications. Hudbay is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol HBM.

Hudbay operates mining and processing assets in Canada and Peru. Its Manitoba operations include the Lalor polymetallic mine and processing facilities in the Snow Lake region, which produce zinc, copper, gold, and silver.