HudBay Minerals (NYSE:HBM) Reaches New 12-Month High – Still a Buy?

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shares hit a new 52-week high during trading on Monday . The company traded as high as $26.00 and last traded at $26.2290, with a volume of 597282 shares. The stock had previously closed at $24.97.

Analysts Set New Price Targets

HBM has been the subject of several recent research reports. Citigroup set a $34.50 price target on HudBay Minerals and gave the stock a “buy” rating in a report on Thursday, January 8th. UBS Group started coverage on shares of HudBay Minerals in a research note on Thursday, January 8th. They issued a “buy” rating for the company. Bank of America increased their price objective on shares of HudBay Minerals from $16.50 to $19.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Raymond James Financial reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Wednesday, January 14th. Finally, Scotiabank reiterated an “outperform” rating on shares of HudBay Minerals in a report on Monday. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $27.00.

HudBay Minerals Stock 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 company has a market cap of $10.74 billion, a PE ratio of 23.34 and a beta of 1.36. The company’s 50 day moving average price is $19.76 and its 200-day moving average price is $15.56.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data 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 firm had revenue of $346.80 million for the quarter, compared to the consensus estimate of $538.16 million. HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. HudBay Minerals’s revenue for the quarter was down 28.6% on a year-over-year basis. During the same period last year, the company posted $0.13 earnings per share. Equities research analysts anticipate that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HudBay Minerals

Several institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased its stake in shares of HudBay Minerals by 107.9% in the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after purchasing an additional 1,033 shares in the last quarter. Quarry LP purchased a new stake in shares of HudBay Minerals during the 3rd quarter valued at approximately $38,000. Global Retirement Partners LLC bought a new position in HudBay Minerals in the 3rd quarter worth approximately $45,000. IFP Advisors Inc purchased a new position in HudBay Minerals in the 3rd quarter valued at approximately $45,000. Finally, Banque Cantonale Vaudoise raised its holdings in HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock valued at $48,000 after acquiring an additional 2,655 shares during the period. 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.