HudBay Minerals (NYSE:HBM) Trading Down 7% – What’s Next?

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) dropped 7% during mid-day trading on Wednesday . The company traded as low as $20.14 and last traded at $20.0320. 1,196,592 shares changed hands during trading, a decline of 80% from the average daily volume of 5,922,818 shares. The stock had previously closed at $21.55.

Wall Street Analyst Weigh In

A number of research firms have weighed in on HBM. Wall Street Zen upgraded shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Barclays initiated coverage on HudBay Minerals in a report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price objective for the company. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, June 25th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a research report on Monday. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.

HudBay Minerals Price Performance

The firm has a market capitalization of $9.08 billion, a P/E ratio of 12.33, a PEG ratio of 0.27 and a beta of 1.48. The business’s 50-day simple moving average is $25.62 and its 200 day simple moving average is $23.95. The company has a quick ratio of 1.20, a current ratio of 1.36 and a debt-to-equity ratio of 0.14.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. HudBay Minerals had a net margin of 27.75% and a return on equity of 10.04%. The company had revenue of $757.30 million during the quarter, compared to analysts’ expectations of $684.73 million. During the same quarter in the prior year, the company earned $0.24 EPS. The firm’s revenue was up 27.3% on a year-over-year basis. Sell-side analysts forecast that HudBay Minerals Inc will post 1.64 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th were given a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. HudBay Minerals’s dividend payout ratio is currently 1.81%.

Hedge Funds Weigh In On HudBay Minerals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acasta Partners UK LLP raised its stake in HudBay Minerals by 9.4% during the 2nd quarter. Acasta Partners UK LLP now owns 112,352 shares of the mining company’s stock valued at $2,651,000 after buying an additional 9,652 shares during the last quarter. Empowered Funds LLC increased its holdings in HudBay Minerals by 53.1% during the first quarter. Empowered Funds LLC now owns 36,598 shares of the mining company’s stock valued at $765,000 after buying an additional 12,695 shares during the last quarter. NewEdge Advisors LLC raised its position in HudBay Minerals by 5,677.7% in the first quarter. NewEdge Advisors LLC now owns 27,502 shares of the mining company’s stock worth $575,000 after acquiring an additional 27,026 shares during the period. Bank of America Corp DE raised its position in HudBay Minerals by 53.3% in the first quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock worth $39,369,000 after acquiring an additional 655,308 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in shares of HudBay Minerals during the 1st quarter worth $25,995,000. 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.