HudBay Minerals (NYSE:HBM) Hits New 1-Year High – Time to Buy?

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $20.69 and last traded at $20.5620, with a volume of 150306 shares. The stock had previously closed at $19.85.

Wall Street Analyst Weigh In

HBM has been the subject of a number of analyst reports. Citigroup assumed coverage on shares of HudBay Minerals in a report on Monday, December 15th. They issued a “buy” rating and a $23.00 price objective for the company. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a report on Friday, October 10th. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research note on Sunday, December 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Monday, November 17th. Finally, Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, HudBay Minerals has a consensus rating of “Buy” and a consensus target price of $21.25.

HudBay Minerals Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.76 and a current ratio of 0.97. The stock’s 50-day moving average is $17.33 and its two-hundred day moving average is $14.02. The stock has a market cap of $7.97 billion, a PE ratio of 17.32 and a beta of 1.36.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Wednesday, November 12th. The mining company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). HudBay Minerals had a return on equity of 8.89% and a net margin of 22.38%.The firm had revenue of $346.80 million for the quarter, compared to analyst estimates of $538.16 million. During the same quarter last year, the company earned $0.13 earnings per share. The firm’s revenue for the quarter was down 28.6% on a year-over-year basis. On average, equities analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HBM. Millennium Management LLC increased its stake in HudBay Minerals by 298.5% during the 1st quarter. Millennium Management LLC now owns 6,115,053 shares of the mining company’s stock worth $46,411,000 after buying an additional 4,580,718 shares during the period. Temasek Holdings Private Ltd increased its position in shares of HudBay Minerals by 5.9% during the first quarter. Temasek Holdings Private Ltd now owns 2,030,771 shares of the mining company’s stock worth $15,414,000 after acquiring an additional 113,500 shares during the period. Jones Financial Companies Lllp raised its stake in shares of HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after acquiring an additional 3,733 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock valued at $55,264,000 after purchasing an additional 4,299,428 shares during the period. Finally, Yaupon Capital Management LP boosted its holdings in HudBay Minerals by 21.9% in the first quarter. Yaupon Capital Management LP now owns 1,777,347 shares of the mining company’s stock valued at $13,490,000 after purchasing an additional 318,991 shares during the period. Hedge funds and other institutional investors own 57.82% of the company’s stock.

About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.