HudBay Minerals Inc (NYSE:HBM – Get Free Report) (TSE:HBM)’s share price rose 7.5% during mid-day trading on Tuesday . The company traded as high as $29.35 and last traded at $29.4750. 672,217 shares traded hands during trading, a decline of 88% from the average daily volume of 5,595,644 shares. The stock had previously closed at $27.43.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on HBM. Wall Street Zen cut shares of HudBay Minerals from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Bank of America cut their price objective on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating on the stock in a report on Thursday, July 9th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Jefferies Financial Group reaffirmed a “buy” rating on shares of HudBay Minerals in a report on Monday, July 6th. Finally, Weiss Ratings cut shares of HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.
Get Our Latest Stock Report on HudBay Minerals
HudBay Minerals Stock Performance
HudBay Minerals (NYSE:HBM – Get Free Report) (TSE:HBM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. HudBay Minerals had a net margin of 27.48% and a return on equity of 9.47%. The company had revenue of $631.30 million during the quarter, compared to analyst estimates of $632.43 million. During the same quarter in the previous year, the business earned $0.19 EPS. The firm’s revenue was up 17.7% on a year-over-year basis. On average, analysts forecast that HudBay Minerals Inc will post 1.51 EPS for the current year.
HudBay Minerals Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Tuesday, September 8th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.04 annualized dividend and a dividend yield of 0.1%. HudBay Minerals’s dividend payout ratio (DPR) is currently 1.76%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new position in HudBay Minerals during the second quarter worth $36,000. NewEdge Advisors LLC increased its position in shares of HudBay Minerals by 39.9% during the 2nd quarter. NewEdge Advisors LLC now owns 38,471 shares of the mining company’s stock worth $908,000 after purchasing an additional 10,969 shares during the last quarter. Spark Investment Management LLC acquired a new stake in shares of HudBay Minerals in the 2nd quarter valued at approximately $212,000. Nykredit A S acquired a new position in HudBay Minerals during the second quarter worth $57,000. Finally, Amundi grew its position in shares of HudBay Minerals by 14.8% in the 2nd quarter. Amundi now owns 1,237,690 shares of the mining company’s stock valued at $29,222,000 after acquiring an additional 159,219 shares during the period. 57.82% of the stock is 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.
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