Hudbay Minerals (NYSE:HBM) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Hudbay Minerals (NYSE:HBM) (TSE:HBM) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

Hudbay Minerals Price Performance

HBM opened at $8.60 on Wednesday. The stock has a fifty day moving average of $8.67 and a 200-day moving average of $8.49. The firm has a market capitalization of $3.39 billion, a P/E ratio of 37.37 and a beta of 1.76. Hudbay Minerals has a 12-month low of $4.94 and a 12-month high of $10.49. 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 released its earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The company had revenue of $485.80 million during the quarter, compared to analyst estimates of $454.47 million. During the same quarter in the prior year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities analysts forecast that Hudbay Minerals will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Hudbay Minerals

Hedge funds have recently modified their holdings of the stock. Cinctive Capital Management LP increased its stake in shares of Hudbay Minerals by 39.7% in the third quarter. Cinctive Capital Management LP now owns 410,669 shares of the mining company’s stock worth $3,777,000 after acquiring an additional 116,732 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Hudbay Minerals by 23.1% in the third quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company’s stock worth $71,308,000 after acquiring an additional 1,441,991 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Hudbay Minerals by 300.9% in the third quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company’s stock worth $2,085,000 after acquiring an additional 170,257 shares during the last quarter. Artemis Investment Management LLP acquired a new position in shares of Hudbay Minerals in the third quarter worth $20,907,000. Finally, Driehaus Capital Management LLC acquired a new position in Hudbay Minerals during the second quarter worth $14,718,000. 57.82% of the stock is owned by institutional investors and hedge funds.

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.