HudBay Minerals (NYSE:HBM) Sets New 12-Month High – Here’s What Happened

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $22.54 and last traded at $22.2810, with a volume of 344324 shares traded. The stock had previously closed at $21.56.

Analyst Ratings Changes

Several equities research analysts have recently commented on HBM shares. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. UBS Group initiated coverage on HudBay Minerals in a report on Thursday, January 8th. They set a “buy” rating on the stock. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a report on Friday, October 10th. Bank of America lifted their target price on shares of HudBay Minerals from $16.50 to $19.50 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, HudBay Minerals presently has a consensus rating of “Buy” and an average target price of $27.00.

HudBay Minerals Stock Down 0.1%

The company has a market cap of $8.94 billion, a price-to-earnings ratio of 19.42 and a beta of 1.36. The company has a current ratio of 0.97, a quick ratio of 0.76 and a debt-to-equity ratio of 0.18. The business has a fifty day moving average price of $18.15 and a two-hundred day moving average price of $14.63.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, November 12th. The mining company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). HudBay Minerals had a return on equity of 8.89% and a net margin of 22.38%.The company had revenue of $346.80 million for the quarter, compared to analyst estimates of $538.16 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The business’s revenue for the quarter was down 28.6% compared to the same quarter last year. On average, equities analysts predict that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

Hedge Funds Weigh In On HudBay Minerals

Several institutional investors and hedge funds have recently modified their holdings of HBM. GMT Capital Corp purchased a new stake in shares of HudBay Minerals during the second quarter worth $337,809,000. Vanguard Group Inc. increased its position in HudBay Minerals by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 16,198,255 shares of the mining company’s stock worth $245,355,000 after purchasing an additional 373,399 shares during the last quarter. L1 Capital Pty Ltd increased its position 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 worth $159,864,000 after purchasing an additional 630,703 shares during the last quarter. Hancock Prospecting Pty Ltd purchased a new stake in shares of HudBay Minerals during the 2nd quarter worth about $154,359,000. Finally, Invesco Ltd. lifted its holdings in shares of HudBay Minerals by 0.4% during the 3rd quarter. Invesco Ltd. now owns 11,391,356 shares of the mining company’s stock valued at $172,693,000 after buying an additional 46,948 shares during the last quarter. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

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.