HudBay Minerals (NYSE:HBM) Shares Gap Down After Earnings Miss

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $24.74, but opened at $23.75. HudBay Minerals shares last traded at $23.7140, with a volume of 832,191 shares changing hands.

The mining company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.08). HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. The company’s revenue for the quarter was up 25.3% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS.

Analyst Ratings Changes

A number of research firms recently issued reports on HBM. UBS Group started coverage on shares of HudBay Minerals in a research note on Thursday, January 8th. They issued a “buy” rating on the stock. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, January 15th. Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research report on Sunday, December 7th. Raymond James Financial reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Wednesday, January 14th. Finally, Weiss Ratings upgraded HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $26.00.

Institutional Investors Weigh In On HudBay Minerals

Several hedge funds and other institutional investors have recently bought and sold shares of HBM. Triasima Portfolio Management inc. acquired a new position in shares of HudBay Minerals in the 3rd quarter valued at $8,057,000. Campbell & CO Investment Adviser LLC purchased a new stake in HudBay Minerals in the 3rd quarter valued at about $1,454,000. L1 Capital Pty Ltd raised its holdings in HudBay Minerals by 4.4% in the 2nd 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. Precision Wealth Strategies LLC acquired a new position in HudBay Minerals in the third quarter valued at about $855,000. Finally, Franklin Resources Inc. increased its position in shares of HudBay Minerals by 7.9% during the second quarter. Franklin Resources Inc. now owns 833,163 shares of the mining company’s stock valued at $8,844,000 after acquiring an additional 60,942 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors and hedge funds.

HudBay Minerals Stock Down 4.6%

The business’s 50 day moving average price is $22.72 and its 200-day moving average price is $17.32. 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 firm has a market capitalization of $9.36 billion, a PE ratio of 20.26 and a beta of 1.33.

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.