HudBay Minerals (NYSE:HBM) Given New $29.50 Price Target at Bank of America

HudBay Minerals (NYSE:HBM) (TSE:HBM) had its price objective dropped by investment analysts at Bank of America from $33.50 to $29.50 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the mining company’s stock. Bank of America‘s price objective indicates a potential upside of 43.10% from the company’s previous close.

Several other research analysts also recently commented on the stock. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Barclays began coverage on HudBay Minerals in a research note on Thursday, May 21st. They issued an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a report on Monday. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Finally, Wall Street Zen raised HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.67.

HudBay Minerals Stock Down 4.3%

Shares of HBM opened at $20.61 on Thursday. The stock has a market capitalization of $9.16 billion, a PE ratio of 12.42, a P/E/G ratio of 0.25 and a beta of 1.48. HudBay Minerals has a 12 month low of $8.93 and a 12 month high of $32.15. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $25.54 and its 200-day moving average is $23.96.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The firm had revenue of $757.30 million during the quarter, compared to analysts’ expectations of $684.73 million. During the same period in the previous year, the firm earned $0.24 EPS. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. Equities research analysts forecast that HudBay Minerals will post 1.63 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Allworth Financial LP boosted its holdings in shares of HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock valued at $30,000 after acquiring an additional 1,033 shares in the last quarter. Quarry LP acquired a new position in HudBay Minerals in the 3rd quarter worth about $38,000. IFP Advisors Inc acquired a new position in HudBay Minerals in the 3rd quarter worth about $45,000. Banque Cantonale Vaudoise raised its position in HudBay Minerals by 513.5% in the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock valued at $48,000 after purchasing an additional 2,655 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in HudBay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after purchasing an additional 3,733 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors and hedge funds.

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.