HudBay Minerals (NYSE:HBM) Shares Gap Up Following Strong Earnings

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.85, but opened at $11.57. HudBay Minerals shares last traded at $11.77, with a volume of 8,964,562 shares trading hands.

The mining company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.11 by $0.08. HudBay Minerals had a net margin of 7.40% and a return on equity of 8.17%. The business had revenue of $536.40 million for the quarter, compared to analysts’ expectations of $558.21 million. The firm’s quarterly revenue was up 26.1% on a year-over-year basis.

Analyst Ratings Changes

A number of analysts have weighed in on HBM shares. Wall Street Zen raised HudBay Minerals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 9th. Veritas raised HudBay Minerals to a “strong-buy” rating in a research note on Monday, July 7th. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, May 13th. Raymond James Financial upgraded HudBay Minerals to a “moderate buy” rating in a report on Monday, June 30th. Finally, BMO Capital Markets started coverage on HudBay Minerals in a report on Wednesday, April 16th. They issued an “outperform” rating for the company. Five analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy”.

Institutional Investors Weigh In On HudBay Minerals

A number of hedge funds have recently bought and sold shares of HBM. Alliancebernstein L.P. raised its position in shares of HudBay Minerals by 3.9% during the fourth quarter. Alliancebernstein L.P. now owns 72,730 shares of the mining company’s stock valued at $589,000 after buying an additional 2,740 shares during the last quarter. Geode Capital Management LLC raised its position in shares of HudBay Minerals by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 190,940 shares of the mining company’s stock valued at $1,565,000 after buying an additional 6,973 shares during the last quarter. Federated Hermes Inc. raised its position in shares of HudBay Minerals by 3.5% during the fourth quarter. Federated Hermes Inc. now owns 125,042 shares of the mining company’s stock valued at $1,013,000 after buying an additional 4,173 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of HudBay Minerals during the fourth quarter valued at about $101,000. Finally, Raymond James Financial Inc. acquired a new position in shares of HudBay Minerals during the fourth quarter valued at about $183,000. 57.82% of the stock is currently owned by institutional investors.

HudBay Minerals Price Performance

The stock’s 50-day moving average price is $9.99 and its 200 day moving average price is $8.59. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 0.25 and a beta of 1.63. The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 0.42.

About HudBay Minerals

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.