HudBay Minerals (NYSE:HBM) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

HudBay Minerals (NYSE:HBM) (TSE:HBM) posted its quarterly earnings results on Wednesday. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03), Zacks reports. The business had revenue of $346.80 million during the quarter, compared to analyst estimates of $538.16 million. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.73%. The business’s revenue for the quarter was down 28.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.13 EPS.

HudBay Minerals Price Performance

HudBay Minerals stock traded down $0.74 during mid-day trading on Thursday, hitting $16.25. The company’s stock had a trading volume of 2,749,782 shares, compared to its average volume of 7,344,070. The stock’s fifty day moving average price is $15.23 and its two-hundred day moving average price is $11.65. HudBay Minerals has a twelve month low of $5.95 and a twelve month high of $17.73. The company has a quick ratio of 0.86, a current ratio of 1.03 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $6.44 billion, a P/E ratio of 22.23 and a beta of 1.58.

Hedge Funds Weigh In On HudBay Minerals

A number of institutional investors and hedge funds have recently bought and sold shares of HBM. Goldman Sachs Group Inc. raised its holdings in shares of HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock valued at $55,264,000 after purchasing an additional 4,299,428 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of HudBay Minerals during the second quarter worth about $21,698,000. Man Group plc increased its stake in shares of HudBay Minerals by 75.7% during the 2nd quarter. Man Group plc now owns 2,097,887 shares of the mining company’s stock worth $22,245,000 after purchasing an additional 903,623 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in HudBay Minerals by 2,021.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 811,070 shares of the mining company’s stock worth $8,605,000 after purchasing an additional 772,843 shares during the period. Finally, Marshall Wace LLP bought a new position in HudBay Minerals in the 2nd quarter worth about $6,874,000. Institutional investors own 57.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HBM. National Bankshares reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Royal Bank Of Canada reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, August 14th. Wall Street Zen downgraded shares of HudBay Minerals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 25th. Raymond James Financial reissued an “outperform” rating on shares of HudBay Minerals in a research report on Friday, October 10th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, HudBay Minerals presently has an average rating of “Buy” and a consensus price target of $19.50.

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.