HudBay Minerals (NYSE:HBM) Upgraded at Zacks Research

Zacks Research upgraded shares of HudBay Minerals (NYSE:HBM) (TSE:HBM) from a hold rating to a strong-buy rating in a report published on Monday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. CIBC reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Thursday, January 15th. Bank of America upped their target price on HudBay Minerals from $16.50 to $19.50 and gave the company a “buy” rating in a research report on Thursday, October 16th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research report on Sunday, December 7th. Citigroup set a $34.50 price objective on HudBay Minerals and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, HudBay Minerals currently has an average rating of “Buy” and an average target price of $27.00.

HudBay Minerals Stock Performance

Shares of HudBay Minerals stock opened at $24.04 on Monday. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18. HudBay Minerals has a 52 week low of $5.95 and a 52 week high of $25.46. The firm’s 50 day moving average is $18.98 and its two-hundred day moving average is $15.12. The firm has a market capitalization of $9.54 billion, a P/E ratio of 20.73 and a beta of 1.36.

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

Hedge Funds Weigh In On HudBay Minerals

A number of large investors have recently modified their holdings of HBM. GMT Capital Corp acquired a new position in HudBay Minerals during the second quarter worth $337,809,000. Vanguard Group Inc. grew its stake in shares of HudBay Minerals by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 16,198,255 shares of the mining company’s stock worth $245,355,000 after purchasing an additional 373,399 shares during the period. L1 Capital Pty Ltd increased its stake in HudBay Minerals by 4.4% in the 2nd quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company’s stock valued at $159,864,000 after purchasing an additional 630,703 shares in the last quarter. Hancock Prospecting Pty Ltd acquired a new position in HudBay Minerals during the second quarter worth $154,359,000. Finally, Invesco Ltd. boosted its position in HudBay Minerals by 0.4% during the third quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock worth $172,693,000 after purchasing an additional 46,948 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

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.