Zacks Investment Research upgraded shares of HudBay Minerals Inc. (NYSE:HBM) from a hold rating to a buy rating in a research report released on Wednesday morning. Zacks Investment Research currently has $4.25 price target on the mining company’s stock.
According to Zacks, “HudBay Minerals Inc. is a mining company and engages in discovery, production and marketing of base metals in North and Central America. It owns zinc and copper mines, concentrators and metal production facilities in northern Manitoba and Saskatchewan, zinc oxide production facility in Ontario, copper refinery in Michigan and nickel project in Guatemala. In addition to its primary products, zinc and copper, HudBay also produces gold, silver and zinc oxide. HudBay Minerals Inc. is headquartered in Toronto, Canada. “
HBM has been the subject of a number of other reports. BMO Capital Markets raised HudBay Minerals from a market perform rating to an outperform rating and set a $7.00 price objective for the company in a report on Thursday, September 29th. Scotiabank reissued an outperform rating and set a $7.50 price objective (down from $8.00) on shares of HudBay Minerals in a report on Monday, September 19th. Credit Suisse Group AG cut HudBay Minerals from an outperform rating to a neutral rating in a report on Thursday, July 28th. TD Securities reissued a hold rating and set a $7.50 price objective on shares of HudBay Minerals in a report on Thursday, August 4th. Finally, RBC Capital Markets reissued an outperform rating and set a $8.00 price objective (up from $7.50) on shares of HudBay Minerals in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. HudBay Minerals presently has a consensus rating of Buy and an average price target of $7.04.
HudBay Minerals (NYSE:HBM) traded down 1.79% during trading on Wednesday, hitting $3.83. 57,704 shares of the stock traded hands. The stock’s market cap is $904.76 million. HudBay Minerals has a 52 week low of $1.56 and a 52 week high of $6.02. The firm’s 50-day moving average is $4.06 and its 200 day moving average is $4.31.
HudBay Minerals (NYSE:HBM) last issued its quarterly earnings data on Wednesday, July 27th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.07. The company had revenue of $247 million for the quarter, compared to the consensus estimate of $249.18 million. HudBay Minerals had a negative net margin of 26.09% and a positive return on equity of 0.50%. The firm’s revenue was up 63.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.24) earnings per share. Equities research analysts forecast that HudBay Minerals will post $0.07 earnings per share for the current fiscal year.
The business also recently announced a semiannual dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 9th were given a dividend of $0.0076 per share. This is a positive change from HudBay Minerals’s previous semiannual dividend of $0.01. This represents a dividend yield of 0.3%. The ex-dividend date was Wednesday, September 7th. HudBay Minerals’s payout ratio is presently -1.63%.
Institutional investors have recently bought and sold shares of the company. Letko Brosseau & Associates Inc. raised its position in HudBay Minerals by 0.5% in the second quarter. Letko Brosseau & Associates Inc. now owns 25,998,894 shares of the mining company’s stock valued at $123,309,000 after buying an additional 124,550 shares during the last quarter. Capital Research Global Investors raised its position in HudBay Minerals by 11.2% in the second quarter. Capital Research Global Investors now owns 11,100,000 shares of the mining company’s stock valued at $53,011,000 after buying an additional 1,115,000 shares during the last quarter. Vanguard Group Inc. raised its position in HudBay Minerals by 19.9% in the second quarter. Vanguard Group Inc. now owns 4,322,023 shares of the mining company’s stock valued at $20,659,000 after buying an additional 718,315 shares during the last quarter. Greystone Managed Investments Inc. bought a new position in HudBay Minerals during the second quarter valued at about $5,986,000. Finally, Citadel Advisors LLC bought a new position in HudBay Minerals during the second quarter valued at about $2,435,000. Institutional investors own 66.87% of the company’s stock.
About HudBay Minerals
HudBay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.
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