HudBay Minerals (NYSE:HBM) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of HudBay Minerals (NYSE:HBM) (TSE:HBM) from a buy rating to a hold rating in a research note issued to investors on Sunday,Wall Street Zen reports.

Several other research firms have also recently commented on HBM. Barclays restated an “overweight” rating on shares of HudBay Minerals in a report on Tuesday, October 6th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Jefferies Financial Group reiterated a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Citigroup reissued a “positive” rating on shares of HudBay Minerals in a research report on Wednesday, July 15th. Finally, Weiss Ratings raised HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Stock Performance

HBM stock opened at $23.36 on Friday. The firm has a 50 day simple moving average of $26.50 and a 200 day simple moving average of $24.83. HudBay Minerals has a 52 week low of $14.34 and a 52 week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The company had revenue of $631.30 million for the quarter, compared to analysts’ expectations of $632.43 million. During the same period in the previous year, the firm posted $0.19 earnings per share. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, sell-side analysts forecast that HudBay Minerals will post 1.40 earnings per share for the current year.

Institutional Trading of HudBay Minerals

A number of institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP boosted its position in HudBay Minerals by 35.3% during the first quarter. First Trust Advisors LP now owns 229,948 shares of the mining company’s stock worth $4,814,000 after purchasing an additional 60,025 shares during the period. Bank of America Corp DE grew its holdings in HudBay Minerals by 53.3% during the first quarter. Bank of America Corp DE now owns 1,883,698 shares of the mining company’s stock valued at $39,369,000 after purchasing an additional 655,308 shares during the last quarter. HighTower Advisors LLC raised its position in shares of HudBay Minerals by 532.0% in the second quarter. HighTower Advisors LLC now owns 137,766 shares of the mining company’s stock valued at $3,253,000 after purchasing an additional 115,968 shares during the period. Amundi raised its position in shares of HudBay Minerals by 14.8% in the second quarter. Amundi now owns 1,237,690 shares of the mining company’s stock valued at $29,222,000 after purchasing an additional 159,219 shares during the period. Finally, Acasta Partners UK LLP raised its position in shares of HudBay Minerals by 75.7% in the third quarter. Acasta Partners UK LLP now owns 197,352 shares of the mining company’s stock valued at $5,270,000 after purchasing an additional 85,000 shares during the period. 57.82% of the stock is currently owned by institutional investors and hedge funds.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development, and operation of copper, gold, zinc, and silver deposits. Copper is its principal product, with associated precious and base metals produced from several of its operations.

The company operates in Canada, Peru, and the United States. Its assets include the Constancia copper-molybdenum mine in southern Peru; the Snow Lake operations in Manitoba, which produce copper, gold, zinc, and silver; and the Copper Mountain mine in British Columbia.