Cormark Analysts Lower Earnings Estimates for Hudbay Minerals Inc. (NYSE:HBM)

Hudbay Minerals Inc. (NYSE:HBM – Get Rating) (TSE:HBM) – Cormark lowered their Q1 2023 EPS estimates for shares of Hudbay Minerals in a report issued on Tuesday, February 28th. Cormark analyst S. Ioannou now anticipates that the mining company will post earnings per share of $0.11 for the quarter, down from their previous forecast of $0.15. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.61 per share. Cormark also issued estimates for Hudbay Minerals’ Q2 2023 earnings at $0.11 EPS, Q3 2023 earnings at $0.11 EPS, Q4 2023 earnings at $0.11 EPS, FY2023 earnings at $0.44 EPS and FY2024 earnings at $0.57 EPS.

Several other equities research analysts have also recently issued reports on HBM. StockNews.com cut shares of Hudbay Minerals from a “buy” rating to a “hold” rating in a research report on Friday, January 13th. Credit Suisse Group raised their price target on shares of Hudbay Minerals from C$8.50 to C$9.00 in a report on Thursday, February 2nd. TheStreet upgraded shares of Hudbay Minerals from a “d” rating to a “c” rating in a research note on Friday, November 11th. Scotiabank dropped their price target on shares of Hudbay Minerals from C$11.00 to C$10.00 in a research note on Tuesday, February 7th. Finally, National Bank Financial raised their price target on shares of Hudbay Minerals from C$8.50 to C$8.75 in a research report on Monday, February 13th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Hudbay Minerals presently has an average rating of “Hold” and a consensus target price of $10.47.

Hudbay Minerals Price Performance

HBM opened at $5.22 on Thursday. The company’s 50 day simple moving average is $5.43 and its 200 day simple moving average is $4.89. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 1.17. Hudbay Minerals has a 1 year low of $3.08 and a 1 year high of $8.75. The stock has a market capitalization of $1.37 billion, a PE ratio of 20.08, a P/E/G ratio of 0.60 and a beta of 1.95.

Hudbay Minerals (NYSE:HBM – Get Rating) (TSE:HBM) last released its earnings results on Friday, February 24th. The mining company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). Hudbay Minerals had a return on equity of 1.70% and a net margin of 4.82%. The company had revenue of $321.20 million during the quarter, compared to analyst estimates of $395.63 million. During the same period in the prior year, the business posted $0.13 earnings per share. Hudbay Minerals’s revenue was down 24.5% on a year-over-year basis.

Hedge Funds Weigh In On Hudbay Minerals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Grayhawk Investment Strategies Inc. acquired a new stake in shares of Hudbay Minerals in the second quarter worth $31,000. US Bancorp DE grew its position in shares of Hudbay Minerals by 2,017.3% during the 3rd quarter. US Bancorp DE now owns 9,782 shares of the mining company’s stock worth $39,000 after buying an additional 9,320 shares during the period. Quadrant Capital Group LLC grew its position in shares of Hudbay Minerals by 69.4% during the 4th quarter. Quadrant Capital Group LLC now owns 7,753 shares of the mining company’s stock worth $39,000 after buying an additional 3,177 shares during the period. Meridian Wealth Management LLC acquired a new position in shares of Hudbay Minerals in the 2nd quarter valued at approximately $49,000. Finally, Evergreen Capital Management LLC bought a new stake in Hudbay Minerals in the 3rd quarter valued at approximately $51,000. Institutional investors own 80.19% of the company’s stock.

Hudbay Minerals Announces Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Friday, March 24th. Stockholders of record on Tuesday, March 7th will be given a $0.008 dividend. This represents a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, March 6th. Hudbay Minerals’s dividend payout ratio (DPR) is 7.69%.

About Hudbay Minerals

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Hudbay Minerals, Inc operates as a mining company. The firm engages in the production of copper concentrate, molybdenum concentrate and zinc metal. It focuses on the discovery, production and marketing of base and precious metals. The company was founded on January 16, 1996 and is headquartered in Toronto, Canada.