HudBay Minerals (NYSE:HBM) Reaches New 1-Year High – Here’s What Happened

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $20.30 and last traded at $20.0720, with a volume of 218915 shares. The stock had previously closed at $19.86.

Analyst Ratings Changes

Several research analysts recently weighed in on HBM shares. Bank of America boosted their price objective on shares of HudBay Minerals from $16.50 to $19.50 and gave the stock 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. Weiss Ratings reissued a “hold (c+)” rating on shares of HudBay Minerals in a research note on Tuesday. Royal Bank Of Canada restated an “outperform” rating on shares of HudBay Minerals in a research report on Monday, November 17th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $21.25.

HudBay Minerals Trading Up 1.5%

The stock’s 50 day moving average is $16.83 and its two-hundred day moving average is $13.57. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $8.00 billion, a PE ratio of 17.38 and a beta of 1.39.

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

Institutional Trading of HudBay Minerals

Large investors have recently bought and sold shares of the company. L1 Capital Pty Ltd lifted its holdings in HudBay Minerals by 4.4% in the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company’s stock valued at $159,864,000 after buying an additional 630,703 shares during the period. Franklin Resources Inc. lifted its holdings in HudBay Minerals by 7.9% in the second quarter. Franklin Resources Inc. now owns 833,163 shares of the mining company’s stock valued at $8,844,000 after buying an additional 60,942 shares during the period. JPMorgan Chase & Co. lifted its position in HudBay Minerals by 180.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,201,190 shares of the mining company’s stock valued at $44,575,000 after acquiring an additional 2,704,569 shares in the last quarter. Boston Partners boosted its stake in HudBay Minerals by 12.4% in the second quarter. Boston Partners now owns 2,091,948 shares of the mining company’s stock valued at $22,196,000 after acquiring an additional 230,136 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of HudBay Minerals by 12.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,650,409 shares of the mining company’s stock worth $28,142,000 after buying an additional 285,500 shares in the last quarter. Institutional investors and hedge funds 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.