HudBay Minerals (NYSE:HBM) Rating Increased to Buy at Wall Street Zen

HudBay Minerals (NYSE:HBM) (TSE:HBM) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Monday.

A number of other research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Bank of America decreased their price target on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a report on Thursday, July 9th. Citigroup reaffirmed a “positive” rating on shares of HudBay Minerals in a research report on Wednesday. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of HudBay Minerals in a research note on Monday, July 6th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, HudBay Minerals has an average rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Stock Performance

HBM stock opened at $20.39 on Monday. The stock has a market cap of $9.06 billion, a P/E ratio of 12.29, a P/E/G ratio of 0.30 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. The firm has a 50 day simple moving average of $25.26 and a 200 day simple moving average of $24.04. HudBay Minerals has a 52 week low of $8.93 and a 52 week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The company had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business’s quarterly revenue was up 27.3% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. Research analysts anticipate that HudBay Minerals will post 1.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in HBM. FIL Ltd increased its stake in shares of HudBay Minerals by 202.0% in the 4th quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after buying an additional 22,169,339 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of HudBay Minerals during the third quarter valued at $123,736,000. Mackenzie Financial Corp boosted its holdings in HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after acquiring an additional 5,468,109 shares during the last quarter. Norges Bank bought a new position in HudBay Minerals in the fourth quarter valued at about $105,315,000. Finally, Goldman Sachs Group Inc. increased its position 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 worth $55,264,000 after purchasing an additional 4,299,428 shares during the period. Institutional investors and hedge funds own 57.82% of the company’s stock.

HudBay Minerals Company Profile

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.