Paradigm Capital Weighs in on Hudbay Minerals Inc.’s Q1 2024 Earnings (NYSE:HBM)

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Analysts at Paradigm Capital dropped their Q1 2024 earnings estimates for Hudbay Minerals in a research report issued on Tuesday, April 23rd. Paradigm Capital analyst J. Woolley now anticipates that the mining company will post earnings per share of $0.07 for the quarter, down from their previous estimate of $0.12. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.40 per share. Paradigm Capital also issued estimates for Hudbay Minerals’ Q2 2024 earnings at $0.05 EPS, Q3 2024 earnings at $0.08 EPS, Q4 2024 earnings at $0.10 EPS, Q3 2025 earnings at $0.19 EPS and FY2025 earnings at $0.82 EPS.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings data on Friday, February 23rd. The mining company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. The firm had revenue of $602.20 million during the quarter, compared to analysts’ expectations of $552.74 million. During the same period last year, the business earned $0.01 earnings per share. Hudbay Minerals’s revenue was up 87.5% compared to the same quarter last year.

Several other equities research analysts have also recently issued reports on the stock. Raymond James raised their price objective on shares of Hudbay Minerals from $9.00 to $10.50 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Bank of America upgraded shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective for the company in a research report on Tuesday, April 9th. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Finally, Stifel Nicolaus initiated coverage on shares of Hudbay Minerals in a research report on Tuesday, March 26th. They set a “buy” rating for the company. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $9.75.

Hudbay Minerals Price Performance

Hudbay Minerals stock opened at $8.64 on Friday. Hudbay Minerals has a 12-month low of $3.94 and a 12-month high of $8.65. The stock has a market cap of $3.03 billion, a P/E ratio of 43.18, a PEG ratio of 0.82 and a beta of 1.95. The company has a 50-day moving average price of $6.85 and a 200 day moving average price of $5.63. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.61.

Institutional Investors Weigh In On Hudbay Minerals

A number of institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Hudbay Minerals by 28.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock valued at $51,836,000 after purchasing an additional 2,085,641 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Hudbay Minerals in the third quarter valued at approximately $610,000. Cumberland Partners Ltd boosted its stake in shares of Hudbay Minerals by 31.3% in the third quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock valued at $3,348,000 after purchasing an additional 163,500 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Hudbay Minerals by 19.6% in the third quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock valued at $3,657,000 after purchasing an additional 122,540 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Hudbay Minerals by 18.5% in the third quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock valued at $6,451,000 after purchasing an additional 206,601 shares during the period. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Hudbay Minerals Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 5th were given a dividend of $0.0074 per share. This represents a dividend yield of 0.3%. The ex-dividend date was Monday, March 4th. Hudbay Minerals’s dividend payout ratio is presently 5.00%.

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.