Q2 2024 EPS Estimates for Hudbay Minerals Inc. (NYSE:HBM) Lowered by Analyst

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Analysts at Raymond James cut their Q2 2024 earnings estimates for shares of Hudbay Minerals in a research report issued on Wednesday, April 17th. Raymond James analyst F. Hamed now anticipates that the mining company will post earnings per share of $0.01 for the quarter, down from their prior estimate of $0.09. Raymond James has a “Outperform” rating and a $10.50 price target on the stock. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.42 per share. Raymond James also issued estimates for Hudbay Minerals’ Q4 2024 earnings at $0.16 EPS and FY2025 earnings at $0.83 EPS.

Other research analysts have also issued research reports about the company. Stifel Nicolaus initiated coverage on Hudbay Minerals in a report on Tuesday, March 26th. They set a “buy” rating on the stock. Bank of America upgraded shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a report on Tuesday, April 9th. Finally, StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $9.75.

Hudbay Minerals Stock Up 0.7 %

NYSE HBM opened at $7.73 on Monday. Hudbay Minerals has a 52 week low of $3.94 and a 52 week high of $8.11. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $6.68 and its 200-day simple moving average is $5.57. The firm has a market cap of $2.71 billion, a PE ratio of 38.63, a P/E/G ratio of 0.79 and a beta of 1.95.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. The company had revenue of $602.20 million for the quarter, compared to analysts’ expectations of $552.74 million. During the same quarter in the previous year, the company posted $0.01 EPS. The firm’s quarterly revenue was up 87.5% on a year-over-year basis.

Hedge Funds Weigh In On Hudbay Minerals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Hudbay Minerals by 28.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock valued at $51,836,000 after purchasing an additional 2,085,641 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Hudbay Minerals in the third quarter valued at approximately $610,000. Cumberland Partners Ltd boosted its holdings in shares of Hudbay Minerals by 31.3% in the third quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock valued at $3,348,000 after acquiring an additional 163,500 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of Hudbay Minerals by 19.6% in the third quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock valued at $3,657,000 after acquiring an additional 122,540 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of Hudbay Minerals by 18.5% in the third quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock valued at $6,451,000 after acquiring an additional 206,601 shares during the period. 57.82% of the stock is owned by institutional investors and hedge funds.

Hudbay Minerals Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, March 22nd. Stockholders of record on Tuesday, March 5th were given a dividend of $0.0074 per share. This represents a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, March 4th. Hudbay Minerals’s dividend payout ratio is presently 5.00%.

About Hudbay Minerals

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.