HudBay Minerals (NYSE:HBM) Shares Up 7.9% – Should You Buy?

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) rose 7.9% during trading on Tuesday . The company traded as high as $24.23 and last traded at $24.2880. Approximately 6,166,480 shares changed hands during mid-day trading, an increase of 34% from the average daily volume of 4,592,536 shares. The stock had previously closed at $22.50.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on HBM shares. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, October 28th. Citigroup set a $34.50 price target on shares of HudBay Minerals and gave the company a “buy” rating in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of HudBay Minerals in a research note on Monday, December 29th. Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $27.00.

HudBay Minerals Stock Performance

The stock’s 50 day moving average is $18.68 and its two-hundred day moving average is $14.96. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of 21.28 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.

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

Institutional Trading of HudBay Minerals

A number of hedge funds and other institutional investors have recently made changes to their positions in HBM. Campbell & CO Investment Adviser LLC acquired a new stake in shares of HudBay Minerals in the third quarter valued at about $1,454,000. Triasima Portfolio Management inc. bought a new position in HudBay Minerals in the third quarter valued at approximately $8,057,000. L1 Capital Pty Ltd grew its stake in HudBay Minerals by 4.4% in the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company’s stock valued at $159,864,000 after purchasing an additional 630,703 shares in the last quarter. Precision Wealth Strategies LLC acquired a new position in shares of HudBay Minerals during the 3rd quarter worth approximately $855,000. Finally, Franklin Resources Inc. raised its stake in shares of HudBay Minerals by 7.9% during the 2nd quarter. Franklin Resources Inc. now owns 833,163 shares of the mining company’s stock worth $8,844,000 after purchasing an additional 60,942 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors and hedge funds.

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.