Hudbay Minerals Inc. (NYSE:HBM) Forecasted to Post Q2 2024 Earnings of $0.01 Per Share

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Research analysts at Raymond James lowered their Q2 2024 EPS estimates for Hudbay Minerals in a report released on Wednesday, April 17th. Raymond James analyst F. Hamed now expects that the mining company will post earnings of $0.01 per share for the quarter, down from their previous estimate of $0.09. Raymond James has a “Outperform” rating and a $10.50 price objective on the stock. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.42 per share. Raymond James also issued estimates for Hudbay Minerals’ Q4 2024 earnings at $0.16 EPS and FY2025 earnings at $0.83 EPS.

Several other research firms also recently weighed in on HBM. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Bank of America raised shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective for the company in a research note on Tuesday, April 9th. Finally, Stifel Nicolaus initiated coverage on shares of Hudbay Minerals in a research note on Tuesday, March 26th. They set a “buy” rating for the company. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hudbay Minerals currently has an average rating of “Buy” and a consensus price target of $9.75.

Hudbay Minerals Price Performance

HBM opened at $7.79 on Monday. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 38.95, a PEG ratio of 0.79 and a beta of 1.95. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average price of $6.58 and a 200-day moving average price of $5.52. Hudbay Minerals has a twelve month low of $3.94 and a twelve month high of $8.11.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $602.20 million during the quarter, compared to the consensus estimate of $552.74 million. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. The company’s revenue was up 87.5% on a year-over-year basis. During the same quarter last year, the company earned $0.01 earnings per share.

Hudbay Minerals Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Friday, March 22nd. Stockholders of record on Tuesday, March 5th were issued a $0.0074 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a dividend yield of 0.3%. Hudbay Minerals’s payout ratio is 5.00%.

Institutional Investors Weigh In On Hudbay Minerals

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Hudbay Minerals by 28.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock worth $51,836,000 after acquiring an additional 2,085,641 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Hudbay Minerals during the 3rd quarter valued at $610,000. Cumberland Partners Ltd raised its holdings in Hudbay Minerals by 31.3% during the 3rd quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock valued at $3,348,000 after buying an additional 163,500 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in Hudbay Minerals by 19.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock valued at $3,657,000 after buying an additional 122,540 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Hudbay Minerals by 18.5% during the 3rd quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock valued at $6,451,000 after buying an additional 206,601 shares during the last quarter. 57.82% of the stock is currently owned by 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.