Bank of America Forecasts Strong Price Appreciation for HudBay Minerals (NYSE:HBM) Stock

HudBay Minerals (NYSE:HBM) (TSE:HBM) had its target price raised by Bank of America from $16.50 to $19.50 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the mining company’s stock. Bank of America‘s price objective suggests a potential upside of 18.92% from the company’s previous close.

Several other research analysts also recently weighed in on the company. Wall Street Zen upgraded HudBay Minerals from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 10th. Veritas upgraded HudBay Minerals to a “strong-buy” rating in a report on Monday, July 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of HudBay Minerals in a report on Wednesday, October 8th. The Goldman Sachs Group started coverage on HudBay Minerals in a report on Monday, September 8th. They issued a “buy” rating for the company. Finally, Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a report on Friday, October 10th. Three equities research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $19.50.

HudBay Minerals Price Performance

HBM stock opened at $16.40 on Thursday. HudBay Minerals has a 1 year low of $5.95 and a 1 year high of $17.73. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.03. The stock’s 50 day moving average price is $13.58 and its 200 day moving average price is $10.47. The firm has a market cap of $6.49 billion, a P/E ratio of 22.46 and a beta of 1.55.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.08. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.The firm had revenue of $536.40 million for the quarter, compared to analyst estimates of $558.21 million. The business’s revenue was up 26.1% on a year-over-year basis. On average, sell-side analysts expect that HudBay Minerals will post 0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HudBay Minerals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HBM. Precision Wealth Strategies LLC bought a new position in shares of HudBay Minerals during the third quarter worth about $855,000. Strong Tower Advisory Services raised its stake in HudBay Minerals by 2.4% during the third quarter. Strong Tower Advisory Services now owns 94,175 shares of the mining company’s stock worth $1,428,000 after acquiring an additional 2,182 shares during the period. Impala Asset Management LLC acquired a new stake in HudBay Minerals during the second quarter worth about $762,000. L1 Capital Pty Ltd raised its stake in HudBay Minerals by 4.4% during the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company’s stock worth $159,864,000 after acquiring an additional 630,703 shares during the period. Finally, Headlands Technologies LLC raised its stake in HudBay Minerals by 117.1% during the second quarter. Headlands Technologies LLC now owns 26,340 shares of the mining company’s stock worth $279,000 after acquiring an additional 14,210 shares during the period. 57.82% of the stock is owned by hedge funds and other institutional investors.

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.