Hudbay Minerals (NYSE:HBM) Hits New 1-Year High – Here’s Why

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) shares hit a new 52-week high on Monday . The company traded as high as $9.86 and last traded at $9.83, with a volume of 3108185 shares traded. The stock had previously closed at $9.62.

Analysts Set New Price Targets

HBM has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. BMO Capital Markets began coverage on shares of Hudbay Minerals in a report on Wednesday, April 16th. They set an “outperform” rating on the stock. Desjardins started coverage on shares of Hudbay Minerals in a report on Friday, April 4th. They set a “buy” rating for the company. Stifel Canada upgraded Hudbay Minerals to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Scotiabank reiterated an “outperform” rating on shares of Hudbay Minerals in a research report on Tuesday, May 13th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Hudbay Minerals has an average rating of “Buy” and a consensus price target of $14.00.

Hudbay Minerals Price Performance

The stock has a market capitalization of $3.88 billion, a PE ratio of 54.53 and a beta of 1.60. The company has a 50-day moving average of $7.79 and a 200 day moving average of $8.13. The company has a quick ratio of 1.47, a current ratio of 1.86 and a debt-to-equity ratio of 0.44.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Monday, May 12th. The mining company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.10 by $0.14. The firm had revenue of $594.90 million for the quarter, compared to analyst estimates of $537.36 million. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. Hudbay Minerals’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.22 earnings per share. Sell-side analysts predict that Hudbay Minerals Inc. will post 0.79 EPS for the current year.

Institutional Investors Weigh In On Hudbay Minerals

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in shares of Hudbay Minerals by 9,877.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company’s stock valued at $25,000 after purchasing an additional 3,062 shares during the period. SBI Securities Co. Ltd. boosted its position in shares of Hudbay Minerals by 64.6% during the first quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company’s stock worth $29,000 after buying an additional 1,481 shares during the period. Banque Cantonale Vaudoise purchased a new stake in Hudbay Minerals during the first quarter valued at about $33,000. Jones Financial Companies Lllp lifted its position in shares of Hudbay Minerals by 131.6% in the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after purchasing an additional 3,733 shares in the last quarter. Finally, Algert Global LLC bought a new stake in Hudbay Minerals in the 4th quarter valued at $86,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

Hudbay Minerals Company Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.