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

HudBay Minerals (NYSE:HBM) (TSE:HBM) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other equities research analysts also recently weighed in on the stock. Barclays raised their price target on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Thursday, June 25th. Weiss Ratings upgraded HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Bank of America reduced their target price on HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.33.

HudBay Minerals Trading Up 10.1%

NYSE HBM opened at $22.95 on Monday. 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 stock’s fifty day moving average price is $25.09 and its 200-day moving average price is $24.07. The stock has a market cap of $10.19 billion, a P/E ratio of 13.83, a P/E/G ratio of 0.31 and a beta of 1.48.

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 (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $757.30 million during the quarter, compared to analyst estimates of $684.73 million. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.HudBay Minerals’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. As a group, equities analysts forecast that HudBay Minerals will post 1.61 EPS for the current fiscal year.

Institutional Trading of HudBay Minerals

A number of hedge funds have recently bought and sold shares of the company. Affinity Wealth Management LLC purchased a new stake in shares of HudBay Minerals during the 4th quarter valued at about $3,857,000. Artemis Investment Management LLP boosted its holdings in shares of HudBay Minerals by 15.6% in the fourth quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock worth $113,355,000 after buying an additional 770,172 shares during the last quarter. Goehring & Rozencwajg Associates LLC grew its position in HudBay Minerals by 6.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 824,951 shares of the mining company’s stock valued at $16,380,000 after buying an additional 51,387 shares during the period. Maxi Investments CY Ltd bought a new stake in HudBay Minerals during the fourth quarter valued at approximately $993,000. Finally, Louisbourg Investments Inc. purchased a new stake in HudBay Minerals during the fourth quarter valued at approximately $5,247,000. Hedge funds and other institutional investors 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.